On December 31,2018,interest of $700 Is Owed on a Bank

On December 31,2018,interest of $700 is owed on a bank loan that will not be paid until June 30,2019.What is the necessary adjusting journal entry on December 31,2018?

A) Debit Interest Expense and credit Cash for $700.
B) Debit Interest Expense and credit Interest Payable for $700.
C) Debit Interest Payable and credit Interest Expense for $700.
D) Debit Interest Receivable and credit Interest Revenue for $700.