10) On November 1 , Alan Company signed a 120-day, 8% note payable, with a face value of 99,000 . What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) A) No adjusting entry is required. B) Debit Interest Payable, $120; credit Interest Expense, $120. C) Debit Interest Expense, $120; credit Interest Payable, $120. D) Debit Interest Expense, $720; credit Interest Payable, $720. E) Debit Interest Payable, \$240; credit Interest Expense, $240