Farraro Restaurant borrowed $150,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month $500. The loan agreement requires Farraro to pay interest on January 2 for Osbe November and December Read the rements 1. Make Farraro Travels during only to score monthly treat expense at October 31, a. November 30, and at December 31, Duto each entry and include is explanation Record debut first, then credits. Select the explanation on the one of the journey Make the adjusting enty to mohol per for October Journal Entry Account and Explanation Det Credit Od Data st expense at October 31, at November 30, and at December 31. Date each entry and include its explanation. (Record debi Octobe 0 Requirements tion 1. Make Farraro's adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31. Date each entry and include its explanation 2. Post all three entries to the Interest Payable account. You do not need to calculate the balance of the account at the end of each month. 3. Record the payment of three months' interest on January 2. Print Done