On December 31, 2022, interest of $700 is owed on a bank loan that will not be paid until June 30, 2023. What is the necessary adjusting journal entry on December 31, 2022? Multiple Choice Debit Interest Expense and credit Cash for $700 Debit interest Expense and credit Interest Payable for $700 Debit Interest Payable and credit interest Expense for $700 Debit interest Receivable and credit interest Revenue for $700

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