Cheap Travel borrowed $21,000 on September 1, 2024, by signing a one-year, 4% note payable to City One Bank. Requirements 1. Calculate the amount of interest expense to accrue at December 31, 2024. 2. Record the adjusting entry to accrue interest expense at December 31, 2024. 3. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment. Requirement 1. Calculate the amount of interest expense to accrue at December 31, 2024. Interest to accrue = Principal Interest rate Time = $ 280 Requirement 2. Record the adjusting entry to accrue interest expense at December 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Dec. 31 Accounts and Explanation Interest Expense Interest Payable Debit Credit 280 280 To accrue interest expense. Requirement 3. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment. Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference. Interest Payable Interest Expense