On December 31, 2015, interest of $500 is owed on a bank loan that will not be paid until June 30, 2016. What is the necessary adjusting journal entry on December 31 2015? Debit Interest Expense and credit Cash for $500 Debit Interest Expense and credit Interest Payable for $500 Debit Interest Payable and credit interest Expense for $500 Debit Interest Receivable and credit Interest Revenue for $500