MC Qu. 75 On November 1, Alan Company... On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $26,100. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice bow o ) Debit Interest Expense, $464; credit Interest Payable, $464. o Debit Interest Expense, $348; credit interest Payable, $348. o Debit interest Payable, $696; credit interest Expense, $696. o Debit interest payable, $232; credit interest expense, $232. o No adjusting entry is required