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DillCo borrows $200,000 pm September 1, 20x0, from First Bancorp. Monthly interest is $1,200. The loan agreement requires DillCo to pay the interest every 6

DillCo borrows $200,000 pm September 1, 20x0, from First Bancorp. Monthly interest is $1,200. The loan agreement requires DillCo to pay the interest every 6 months. The first interest payment is due February 28 20X1. What adjusting entry must DillCo make on December 31, 20X0 to recognize the accrued interest.

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