On October 1, Concord's Carpet Service borrows $138000 from First District Bank on a 3-month, $138000,...

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On October 1, Concord's Carpet Service borrows $138000 from First District Bank on a 3-month, $138000, 8% note. What entry must Concord's Carpet Service make on December 31 before financial statements are prepared? Interest Expense 2760 Interest Payable 2760 Interest Expense 2760 Notes Payable 2760 Interest Expense 11040 Interest Payable 11040 Interest Payable 2760 Interest Expense 2760 On October 1, Concord's Carpet Service borrows $138000 from First District Bank on a 3-month, $138000, 8% note. What entry must Concord's Carpet Service make on December 31 before financial statements are prepared? Interest Expense 2760 Interest Payable 2760 Interest Expense 2760 Notes Payable 2760 Interest Expense 11040 Interest Payable 11040 Interest Payable 2760 Interest Expense 2760