Hardev Intel agreed to lend Norkia $500,000 on 1/1/2021. Norkia signed a $500,000, 6%, 9-monthnote. Interest will be paid when the note matures. Which of the following is the correctadjusting entry if Norkia prepares financial statement on 6/31/2021?debit interest expense $15,000 credit interest payable $15,000O debit interest expense $15,000 credit cash $15,000O debit interest payable $15,000 credit cash $15,000O debit interest payable $15,000 credit interest expense $15,000

Lets understand the basics.Adjusting journal entry is having mainly three types which are,(1)…

Intel agreed to lend Norkia $500,000 on 1/1/2021. Norkia signed a $500,000, 6%, 9-mo note. Interest will be paid when the note matures. Which of the following is the correct adjusting entry if Norkia prepares financial statement on 6/31/2021? O debit interest expense $15,000 credit interest payable $15,000 O debit interest expense $15,000 credit cash $15,000 Odebit interest payable $15.000 credit cash $15.000