On August 1, Year 1, Bellisa Company issued a $12,000 7%, 1-year note to Citizens Bank. Which of the following entries reflects the adjustment required as of December 31, Year 1?
A.
| Interest payable | 840? | |
| Interest expense | 840? |
B.
| Interest expense | 350? | |
| Interest payable | 350? |
C.
| Interest expense | 350? | |
| Notes payable | 350? |
D.
| Interest expense | 840? | |
| Interest payable | 840? |
Answer: B
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