True/False 3. On July 1, 20x1, Liz Company borrowed $5,000 cash and signed a one year note payable, interest 10 percent, payable on the maturity date, June 30, 20X2. The accounting period ends on December 31; therefore, the required adjusting entry on December 31, 20x1 would be: Debit- -Interest payable, $250; Credit--Interest expense, $250. Select an answer and submit For keyboard navigation, use the up/down arrow keys to select an answer a True