To purchase equipment and supplies, Salem Bike Shop, Inc., borrowed $36,000 on June 1 by signing a note payable to Metro One Bank. Interest expense for Salem Bike Shop, Inc., is $150 per month. Journalize an adjusting entry to accrue interest expense at December 31, assuming no other adjusting entries have been made for the year. Post to the two accounts affected by the adjustment Journalize an adjusting entry to accrue interest expense at December 31, assuming no other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Debit Credit Journal Entry Accounts 31 Interest expense Interest payable Dec 1,050 1,050 Post to the two accounts affected by the adjustment. Interest payable Interest expense