P9.1.5 Adjusting Entry Accrued Expenses Complete the following adjusting entry for Mookie The Beagle Concierge. recorded or paid. The interest that has been incurred is calculated as principal multiplied by Interest on Mookie The Beagle Concierge's Loan Payable to Cy has been incurred, but not the interest rate multiplied by the time period ($2,000 x 6% x 1/12 = $10.00). Interest Expense of $10.00 must be recorded as an accrued expense and Interest Payable, a liability, recorded for the amount that Mookie The Beagle Concierge is obligated to pay later. So an adjusting entry is needed to bring accounts up to date at January 31. 1. Complete the following table. Account Account Type Increase or Decrease? Debit or Credit? Amount Interest Paid Expense Interest Payable Liability 2. Plan Adjusting Journal Entry a. Complete the following to plan the adjusting journal entry to enter in QBO 9 Journal Entry 0 x ACCOUNT DET CH