4) On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) A) Debit Interest Expense, $216; credit Interest Payable, $216. B) No adjusting entry is required. C) Debit Interest Expense, $288; credit Interest Payable, $288. D) Debit interest payable, $144; credit interest expense, $144. E) Debit Interest Payable, $432; credit Interest Expense, $432.