Waterway Company purchased a truck from Pharoah Corp. by issuing a 6-month, 12% note payable for $118500 on November 1 On December 31, the accrued expense adjusting entry is 7110 Interest Expense Interest Payable 7110 14220 Interest Expense Interest Payable 14220 O 2370 Interest Expense Interest Payable 2370 No entry is required