Coronado Industries purchased equipment on November 1, 2020 and gave a 3-month, 7% note with a face value of $90000. The December 31, 2020 adjusting entry is O debit Interest Expense and credit Cash, $1050. Odebit Interest Expense and credit Interest Payable, $1575. O debit Interest Expense and credit Interest Payable, $6300. O debit Interest Expense and credit Interest Payable, $1050.

Coronado Industries purchased equipment on November 1.2020 and gave a 3 month, 7% note witha face value of $90000. The December 31,2020 adjusting entry is debitinteiest Expense and credit Cash, 51050 debit interest Expense and credit interest Payable. 11575. debit Interest Expense and credit interest Payable. $6300. debit interest Expense and credit interest Payable, $1050