Turfmill Company issued a $$120,000,6\%$ per annum note payable on October $1$ with interest payable annually each September $30.$ Turfmill's fiscal year ends December $31,$ at which time no interest has been paid or accrued. What is the adjusting entry that Turfmill must make before it prepares its accrual$-$basis financial statements as of December $31?$

A

Debit Interest Expense $$1,800,$ and credit Cash $$1,800.$

B

Debit Interest Expense $$7,200,$ and credit Interest Payable $$7,200.$

C

Debit Interest Expense $$1,800,$ and credit Interest Payable $$1,800.$

D

Debit Interest Expense $$3,600,$ and credit Interest Payable $$3,600.$