On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $11,700. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) 01:48:20 Multiple Choice Debit Interest Payable, $130; credit Interest Expense, $130. Debit Interest Expense. $195; credit Interest Payable, $195. Debit Interest Expense, $260; credit Interest Payable, $260. Debit Interest Payable, $390; credit Interest Expense, $390. No adjusting entry is required