Fedex Corporation signed a three-month note payable in the amount of $5,000 on October 1. The note requires Fedex to pay interest at an annual rate of 24%. Prepare the journal entry to record interest expense on Oct.31th Interest expense 1,200 Interest payable 1,200 Interest payable 100 Interest expense 100 Interest expense 100 Interest payable 100 Interest expense 400 Interest payable 400