On November 1, 2014, Bread Basket signed a 90,000, 6-month note payable. The note requires Bread Basket to pay interest at an annual rate of 7%. The appropriate adjusting entry on December 31, 2014, would be (Accounting period yearly) debit to the interest expense for $1050; credit to the interest payable for $1050 debit to the interest payable for $3150 credit to the interest expense for $3150 X x