Celebration Travel borrowed $35,000 on October 1, 2014, by signing a one-year note payable to Area One Bank. Celebration's interest expense on the note payable for the remainder of the fiscal year (October through December) is $490. Requirements 1. Record the adjusting entry to accrue interest expense at December 31, 2014 2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment. Requirement 1. Record the adjusting entry to accrue interest expense at December 31, 2014. (Record debits first, then credits Explanations will appear on the last line of the journal entry) Date Accounts and Explanation Debit Credit Dec 31