Cornerstone Exercise 8-21 (Algorithmic) Accrued Interest On October 1, Wilshire Company borrowed $40,000 from People's National Bank on a 1-year, 7% note. Required: What adjusting entry should Wilshire make at December 31? Dec. 31 Interest Expense -3,200 x Interest Payable 3,200 X (Record accrual of interest expense) Feedback Check My Work When calculating interest, consider the principal, the annual interest rate and the duration of the