West County Bank agrees to lend the Block Builders Company $100,000 on January 1. Block Builders Company signs a $100,000, 6%, 6-month note.
What is the adjusting entry required if Block Builders Company prepares financial statements on March 30?
a. Interest Expense 3,000
Interest Payable 3,000
b. Interest Expense 3,000
Cash 3,000
c. Interest Expense 1,500
Interest Payable 1,500
d. Interest Payable 1,500
Interest Expense 1,500
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