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Ray Service borrowed $10,000 from Ist National Bank on October 1, 2021. The loan is for a term of three years and carries a 12%

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Ray Service borrowed $10,000 from Ist National Bank on October 1, 2021. The loan is for a term of three years and carries a 12% rate of interest. Interest is due at the maturity of the loan. To properly accrue interest expense on December 31, 2021, Ray should debit Interest Expense and credit Interest Payable for: a. $1,200 b. $3,600 c. $200 d. $300

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