QUESTION 4 On November 1, Jovel Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31, and adjustments are only made at year end. The adjusting entry needed on December 31 is: o Debit Interest Receivable, $500; credit Interest Revenue, $500. O No entry required. e Debit Interest Receivable, $1,000; credit Interest Revenue, $1,000. Debit Interest Expense, $5,000: credit Interest Payable, $5,000. o Debit Interest Expense, $1,000; credit Note Payable, $1,000