Schwartz & Associates Inc. borrowed $$97,000$ on October $1$ by signing a note payable to City One Bank. The interest expense for each month is $$404.$ The loan agreement requires Schwartz & Associates Inc. to pay interest on December $31.$

Make Schwartz & Associates Inc.$\text{'}$s adjusting entry to accrue interest expense and interest payable at October $31,$ at November $30,$ and at December $31.$ Date each entry and include its explanation.

Post all three entries to the Interest Payable account.

Record the payment of three months' interest at December $31.$

Requirement $1.$ Make Schwartz & Associates Inc.$\text{'}$s adjusting entry to accrue interest expense and interest payable at October $31,$ at November $30,$ and at December $31.$ Date each entry and include its explanation. $($Record debits first, then credits. Enter explanations on the last line.$)$

Make the adjusting entry to accrue monthly interest expense for October.

$\backslash$table$[[$Journal Entry$],[$Date$,$Accounts and Explanation,Debit,Credit$],[$Oct$],[,,,],[,,,],[,,,],[,,,]]$