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 Debit Interest Expense, \$720; credit interest Payable, $720. Debit Interest Expense, $120; credit Interest Payable, $120. Debit interest Payable, $120; credit interest Expense, $120. Debit Interest Payabie, $240; credit Interest Expense, $240. No adjusting entry is required