On September 1, Sheffield's Painting Service borrows $151000 from National Bank on a 4-month, $151000, 6% note. What entry must Sheffield's Painting Service make on December 31 before financial statements are prepared? Interest Payable Interest Expense Interest Expense Notes Payable 3020 3020 Interest Expense 9060 Interest Payable Interest Expense 3020 Interest Payable 3020 3020 9060 3020

On September 1, Sheffield's Painting Service borrows $151000 from National Bank on a 4-month, $151000,6% note. What entry must Sheffield's Painting Service make on December 31 before financial statements are prepared? Interest Payable 3020 Interest Expense 3020 Interest Expense 3020 Notes Payable 3020 Interest Expense 9060 Interest Payable 9060 Interest Expense 3020 Interest Payable 3020