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.) Multiple Choice O No adjusting entry is required. Debit Interest Expense, $120; credit Interest Payable. $120. Debit Interest Expense, $720; credit Interest Payable, $720, Debit Interest Payable, $240; credit Interest Expense, $240, Debit Interest Payable, $120; credit Interest Expense, $120.