Q11

Question 11 1 points Save Answer On November 1, 2020, Hamad Town Trading signed a 120-day, 8% note payable with a face value of $180,000. The adjusting entry for the accrued interest at December 31 on the note would be? (Use 360 days a year.) A. Debit: Interest Payable, $1,200; Credit: Interest Expense, $1,200. O B. Debit: Interest Expense, $2,400; Credit: Interest Payable, $2,400. C. Debit: Interest Expense, $1,200; Credit: Interest Payable, $1,200. O D. No adjusting entry is required