Wisconsin bank lends local furniture company $60,000 on november 1. local furniture company signs a $60,000, 12%, 4-month note. the fiscal year end of local furniture company is december 31. the journal entry made by local furniture company on december 31is:
a.) debit interest payable and credit cash for $1,200
b.) debit interest expense and credit payable for $1,200
c.) debit interest expense and credit cash for $1,200
d.) debit interest payable and credit interest expense for $1,200