A gift shop signs a three-month note payable. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? * O Debit Interest Expense and credit interest payable for $500 Debit Interest Expense and credit interest payable for $1,000 Debit Interest Expense and credit Interest payable for $1,500 None of the above