US All general ledger accounts. E. Revenue accounts only. Interest Expense 34.On December 1, Milton Company borrowed $300,000, at 8% annual interest, from the Tennessee National Bank. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end? A. debit Interest Payable, $2,000; credit Interest Expense, $2,000. interest Pau (B. debit Interest Expense, $2,000; credit Interest Payable, $2,000. C. debit Interest Expense, $2,000; credit Cash, $2,000. D. debit Interest Expense, $4,000; credit Interest Payable, $4,000. E. debit Interest Expense, $24,000; credit Interest Payable, $24,000. 35. Which of the following statements regarding gross profit is not true? A vann nunfit ie alen called Arnss margin