On July 1, your company took out a 6-month, $24,000 bank loan that charges 10% annual interest. What is the correct adjusting journal entry to make for this on July 31? Select one: O a. debit Interest Expense $1,200; credit Interest Payable $1,200 Ob. debit Cash $24,000; credit Interest Expense $24,000 c. debit Interest Payable $200; credit Interest Expense $200 Od. debit Interest Expense $200; credit Interest Payable $200