On 5/1/19, the Albers Company borrowed $33,000 from Johnson Bank on a 1- year, 6% note...

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On 5/1/19, the Albers Company borrowed $33,000 from Johnson Bank on a 1- year, 6% note payable. Interest was not deducted in advance. If the company's fiscal year ends on 6/30/19, an entry is needed to increase interest payable, $1,980. interest expense, $1,980. interest expense, $330. notes payable, $33,000. On 5/1/19, the Albers Company borrowed $33,000 from Johnson Bank on a 1- year, 6% note payable. Interest was not deducted in advance. If the company's fiscal year ends on 6/30/19, an entry is needed to increase interest payable, $1,980. interest expense, $1,980. interest expense, $330. notes payable, $33,000.

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