The Closing Entry That Would Be Made at the Yearend $\begin{array}{llr} \text {Interest Expense } &50\\ \text { Notes payable } &&50\\\end{array}$

Multiple Choice

The closing entry that would be made at the yearend transferring the interest expense of $50 on a note is:

A)
$\begin{array}{llr} \text {Interest Expense } &50\\ \text { Notes payable } &&50\\\end{array}$

B)
$\begin{array}{c}\text { Interest Expense } &50\\\text { Income Summary }&&50\end{array}$

C)
$\begin{array}{c}\text { Income Summary } &50 \\\text { Interest Expense }& &50\end{array}$

D)
$\begin{array}{c}\text { Notes payable } &50\\\text { Interest Expense }&&50\end{array}$