On November 1, Alan Company signed a 120 -day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) No adjusting entry is required. Debit Interest Payable, \$120; credit Interest Expense, \$120. Debit Interest Expense, \$120; credit Igterest Payable, \$120. Debit Interest Expense, $720; credit Interest Payable, $720. Debit Interest Payable, \$240; credit Interest Expense, $240