7. Eduardo Company purchased machinery on December 1, 2021 and gave a 6-month, 6\% note with a face value of $100,000. The December 31,2020 adjusting entry is a) debit Interest Expense and credit Interest Payable, \$2,500. b) debit Interest Expense and credit Interest Payable, $500. c) debit Interest Expense and credit Cash, \$3,000. d) debit Interest Expense and credit Interest Payable, $3,000. 8. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $19,000 were purchased on 1/1/2020. Actual year-end supplies amounted to $3,000 on 12/31/2020. The adjusting entry for store supplies on 12/31/2020 will a) debit supplies and credit supplies expenses, $3,000 b) debit supplies and credit supplies expenses, $16,000 c) debit supplies expenses and credit supplies, $16,000 d) debit supplies expenses and credit supplies, $3,000 9. Presented below are selected account balances before closing entries for Wayne Rogers Corporation on December 31, 2022. When expenses are closed to Income Summary, the closing entry is a) debit selling expense and credit income summary, $55,000. b) debit income summary and credit selling expense, $55,000. c) debit selling expense and credit income summary, $205,000. d) debit income summary and credit sales revenue, $260,000. e) None of the above answers