On 12/1, Fuzzy's Taco Shop purchased $240,000 building by signing a 20-year note payable with an annual interest rate of 10%. Interest is due quarterly and principal is due upon maturity. As of 12/31, no interest was paid for this loan. What adjusting journal entry must be recorded on 12/31 to recognize the interest due, before the financial statements can be prepared? (Select ALL that apply)

Group of answer choices

Credit Interest Payable for $24,000

Credit Interest Payable for $2,000

Debit Cash for $24,000

Credit Cash for $24,000

Debit Interest Expense for $2,000

Debit Interest Expense for $24,000

Debit Interest Payable for $24,000

Debit Interest Payable for $2,000

Credit Interest Receivable for $2,000

Debit Interest Receivable for $24,000