John Deere is an American manufacturer of agricultural, construction, and forestry machinery. On May 1, 2021, John Deere borrowed $250,000 from US Bank by signing a three-year, 6% note payable, Interest is due each May 1. What adjusting entry, if any, should John Deere record on December 31, 20211 Multiple Choice Debit Interest Expense and credit Interest Payable for $5.000. Debit interest Expense and credit interest Payable for $15,000. Debit Interest Expense and credit Interest Payable for $10,000. No adjusting entry is necessary 10-06-30 TH Next >