On December 31, 2022, interest of $700 is owed on a bank loan that will not be paid until June 30, 2023. What is the necessary adjusting journal entry on December 31, 2022? Multiple Choice Debit Interest Expense and credit Cash for $700. Debit Interest Expense and credit Interest Payable for $700. Debit Interest Payable and credit Interest Expense for $700. Debit Interest Receivable and credit Interest Revenue for $700.

On December 31, 2022, interest of $700 is owed on a bank loan that will not be paid until June 30,2023 . What is the necessary adjusting journal entry on December 31, 2022? Multiple Choice Debit interest Expense and credt Cash for 5700 Debit intecest Expense and credit interest Payoble for $700 Debit interest Payable and credit interest Expense for $700 Debat Imerest Receivable and credit imerest Revenue for $700