Multiple Choice Question 199 A gift shop signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $44400 with annual interest of 8%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? 592 Interest Expense Interest Payable 592 Interest Expense Cash Interest Expense Note Payable 888 888 Interest Expense Interest Payable 888