On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $3,360, credit Interest Revenue, $3,360. Debit Interest Expense, $3,360, credit Interest Payable, $3,360 Debit Interest Expense, $10,080: credit Interest Payable, $10,080 search 81 JEISLU PUNS) 1 SOV Help Save & Exit Sut High Step Shoes had annual revenues of $196,000, expenses of $109,200, and dividends of $22.400 during the current year. The retained earnings account before closing had a balance of $308,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Income Summary $86,800, credit Retained earnings $86,800 Debit Retained earnings $86,800, credit Income Summary $86,800 Debit Retained earnings $308,000: credit Income Summary $308,000 Search BA E e