On December 31,2015,interest of $500 Is Owed on a Bank

On December 31,2015,interest of $500 is owed on a bank loan that will not be paid until June 30,2016.What is the necessary adjusting journal entry on December 31,2015?

A) Debit Interest Expense and credit Cash for $500
B) Debit Interest Expense and credit Interest Payable for $500
C) Debit Interest Payable and credit Interest Expense for $500
D) Debit Interest Receivable and credit Interest Revenue for $500