1.Refer to the previous question.The amount of the adjusting entry is:

2.On November 1, 2019, ABC received a $60,000, one-year loan from Empire Bank. The interest rate on the loan is 10%, and total amount of interest is due in one year. The adjusting entry on December 31, 2019 is a:

a.debit to Cash and a credit to Note Payable

b.debit to Interest Expense and a credit to Interest Payable

c.debit to Interest Expense and a credit to Cash

d.debit to Interest Receivable and a credit to Interest Revenue

e.None of the above