SHIN Company has $1,500 interest that has accrued on its bank loan in October 2022. The interest payment is due November 1, 2022. What would be the journal entry related to the interest on November 1? 

Select one: 

a. Debit Interest Payable $750; credit Cash $750

b. Debit Interest Expense $750; credit Interest Payable $750 

c. Debit Interest Expense $1,500; credit Interest Payable $1,500 

d. Debit Interest Payable $1,500; credit Cash $1,500

Answer rating: 100% (QA)

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