EM9.7 Adjusting Entry Accrued Expenses Complete the following adjusting entry for Mookie The Beagle Concierge. Interest on Mookie The Beagle Concierge's Loan Payable to Cy has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period $1,0006% 1/12=$5.00 ). Interest Expense of $5.00 must be recorded as an accrued expense and Interest Payable, a liability, recorded for the amount that Mookie The Beagle Concierge is obligated to pay later. So an adjusting entry is needed to bring accounts up to date at January 31. QBO CROSSCHECK Before proceeding, crosscheck your Loans Payable account to verify that it has a balance of $1,000. Required: 1. Complete the following table. Note: Answer this question in the table shown below. Round your answer 2 decimal places. a. Complete the following to plan the adjusting journal entry to enter in QBO Note: Answer this question in the table shown below. Round your answer 2 decimal places. (9) Journal Entry