On October 1, 2020, Coronado Company borrows $28000 from First Street Bank on a 10%, 6-month loan. Assuming adjusting entries are only prepared at year-end, the company should make the following adjusting entry: O Debit Interest Expense, $28000; Credit Interest Payable, $28000. O Debit Interest Receivable, $700; Credit Interest Revenue, $700. O Debit Interest Payable, $700; Credit Interest Expense, $700. O Debit Interest Expense, $700; Credit Interest Payable, $700.

On October 1.2020, Coronado Company borrows $28000 from First Street Bank on a 10%,6-month loan. Assuming adjusting entries are only prepared at year-end, the company should make the following adjusting entry: Debit interest Expense, \$28000; Credit Interest Payable, \$28000. Debit interest Receivable, \$700; Credit Interest Revenue, $700. Debit Interest Payable, $700; Credit Interest Expense, $700. Debit Interest Expense, $700; Credit interest Payable, $700