MC Qu. 12-32 (Static) On June 1, 20X1, Mighty... On June 1, 20X1, Mighty Fast Flooring issued a 10-month, 9 percent note for $5,000. The note was recorded in the Notes Payable-Trade account. The adjusting entry on December 31 to record the interest accrued (owed) on the note is: Multiple Choice a debit to Interest Expense for $262.50 and a credit to Interest Payable for $262.50 a debit to Interest Expense for $262.50 and a credit to Notes Payable-Trade for $262.50 a debit to Interest Expense for $450.00 and a credit to Interest Payable for $450.00 a debit to interest income for $450.00 and a credit to Interest Receivable for $450.00