7.On November 1, 20X4, you record a $20,000note payable, debiting Cash and crediting Notes Payable. The note matures on May 1, 20X5 when principal and accrued interest of 6% a year is due. On December 31, 20X4, your adjusting entry for accrued interest will include:

a.a debit to Interest Payable for $400

b.a debit to Interest Expense for $200

c.a credit to Interest Payable for $400

d.none of the above