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What entry must Frank Accounting make on December

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Question - On October 1, Frank's Accounting Service borrows $75,000 from National Bank on a $75,000, 3-month, 6% note. What entry must Frank's Accounting make on December 31 before financial statements are prepared?

1- Interest Expense 1,125

Interest Payable 1,125

2- Interest Expense 4,500

?Interest Payable 4,500

3- Interest Expense 1,125

?Notes Payable 1,125

4- Interest Payable 1,125

Interest Expense 1,125

Reference no: EM132742613

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