(Answered) Question - on january 1 calvin company borrowed 30000 from

Accounting

Question - On January 1, Calvin Company borrowed $30,000 from a local bank on a 15 year note. What (if any) adjusting entry is required on January 31? (Assume the interest owing is $250).

1. Debit interest expense and credit cash $250

2. Debit loan payable and credit interest payable $250

3. Debit interest expense and credit interest payable $250

4. Debit interest payable and credit loan payable $250

5. None of the above because no journal entry is required

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