Question $11$

Spangler's year$-$end is December $31.$ On December $1,20$X$6,$ Spangler borrowed $$10,000$ on a one$-$year loan. Interest on this loan accrues at $1\%$ per month. The adjusting journal entry to record on December $31,20x6$ would include:

a debit to Interest Expense for $$1,000$

a credit to Interest Expense for $$1,000$

a debit to Interest Payable for $$100$

a debit to Note Payable for $$100$

None of these