Nancy Daniel is the owner of Daniel Designs. At the end of September, the first month of business, Nancy is preparing the monthly financial statements. On September 1, Daniel Designs borrowed $77000 from a local bank on a five-year term loan. The annual interest rate is 6% and interest is paid monthly on the first of each month. Which of the following reflects the adjusting entry needed at September 30? Interest Expense Interest Pavable 4620 4620 O Interest Expense Cash 770 770 Interest Payable Interest Expense 1540 1540 interest Expense interest Payable 385 385