During April interest of $250 has accrued (accumulated) on a note payable. However it will be paid on December 31. Required: With regard to the above situation: a. State whether it is a prepaid expense, unearned revenue, accrued revenue or an accrued expense. b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30. Answer a. This situation is a Prepaid OUnearned expense Revenue OAccrued Expense OAccrued Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES DEBIT CREDIT April 30 $