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What adjusting entry should be recorded by customer b

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Problem 1: Archaic First National Bank loaned Customer B $50,000 on December 1, 2020. The interest rate on the loan was 6% per year. As of December 31, 2020 Customer B has made no payments whatsoever on the loan. What adjusting entry should be recorded by Customer B to reflect accrual accounting at year end December 31, 2020?

1) Debit Interest Expense $250 credit Interest Payable $250

2) Debt Interest Revenue $500 credit Interest Receivable $500

3) Debit Interest Payable $250 credit Note Receivable $250

4) Debit Interest Expense $500 credit Interest Revenue $500

Reference no: EM132769123

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