Question 46 1.5 pts At year-end, the company debited Interest Expense for P1,500 and credited Interest Payable for the same amount in its books. Which of the following statements is CORRECT? The journal entry is erroneous since the credit should be Notes Payable, and not Interest Payable. The company issued a non-interest-bearing note. Interest on a company's note was incurred but not yet paid. The total interest on the company's note amounts to P1,500. Question 45 1.5 pts For a business using special journals, which of the following current month's transactions will NOT be recorded in the cash payments journal? Incurrence of current month's utility bills O Advance payment of next month's rental fee Giving a cash advance to employees Payment of last month's utility bills