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Question 21 Ayayai Corp. borrowed $47600 from the bank signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be: O debit Interest Expense, $2856; credit Interest Payable, $2856. O debit Interest Expense, $238; credit Interest Payable, $238. O debit Note Payable, $2856; credit Cash, $2856. O debit Cash, $714; credit Interest Payable, $714. Question 17 The difference between the balance of a plant asset account and the related accumulated depreciation account is termed: O liability. contra asset. O book value. market value