On December 31, Gonger Co. recorded an adjusting entry for interest with a debit to Interest Expense and credit to Interest Payable for $575. What reversing entry would be rquired for this on January 1?

Debit Interest Expense $575, Credit Interest Payable $575 No reversing entry required. Debit Interest Payable $575 and Credit Interest Expense $575. Debit Interest Payable $575 and Credit Interest Revenue $575