On August 15, 2022, Kinney Industries Signs a $200,000, 8

Multiple Choice

On August 15, 2022, Kinney Industries signs a $200,000, 8%, twelve-month note payable.Which of the following entries correctly records the accrued interest on December 31, 2022?

A) Dr Interest Expense $6,000
Cr Interest Payable $6,000
B) Dr Interest Expense $5,333.33
Cr Interest Payable $5,333.33
C) Dr Interest Expense $16,000
Cr Interest Payable $16,000
D) Dr Interest Expense $10,000
Cr Interest Payable $10,000