On the First Day of January,Harris Company Borrowed $3,000 on a One-Year

Multiple Choice

On the first day of January,Harris Company borrowed $3,000 on a one-year note payable bearing interest at 5% per year.The note specifies that principal and interest must be paid in full at the end of the one-year period.On June 30,the adjusted trial balance will show Interest Payable of ________.

A) $75 credit
B) $75 debit
C) $150 credit
D) $150 debit