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Which journal entry should be made on december

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Problem 1: On the last day of November, Borax borrowed $500 on a bank note for 60 days at 10 percent annual interest. Which journal entry should be made on December 31 (the end of the accounting period)?

A) Interest Expense 4.25
Interest Payable 4.25

B) Interest Expense 8.22
Interest Payable 8.22

C) Interest Expense 4.25
Cash 4.25

D) Interest Expense 8.22
Cash 8.22

Reference no: EM132790189

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