Part 2: ( Mestions 29 to 54 worth 2 marks each) 35000x6% 4 29. On March 1, Shogun Corporation borrowed $35,000 from its bank, and signed a 6%, 4- month bank loan. Principal and interest are due on July 1. If Shogun's year end is May 31, the adjusting entry that it should prepare for interest on May 31 would be: X 147 525 Debit Interest Expense, $525; credit Interest Payable, $525. b. Debit Interest Expense, $1,575; credit Interest Payable, $1,575. c. Debit Bank Loan Payable, $700; credit Cash, $700. d. Debit Interest Expense, $700; credit Interest Payable, $700. galsta 30. The balance in the Prepaid Rent account before adjustment at the end of the year is $12000 and represents four months' rent starting on October 1. The adjusting entry