Phipps Company borrowed $25,000 cash on October 1,2010,and signed a six-month,8% interest-bearing note payable with interest payable at maturity.Assuming that no adjusting entries have been made during the year,the amount of accrued interest payable to be reported on the December 31,2010 balance sheet is which of the following?

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December 31, 2010 interest payable ($500) = Amount borrowed ($25,000) F1F1F1S1F1F1F10 Interest rate (8%) F1F1F1S1F1F1F10 Number of months borrowed during 2010 relative to a year (3 F1F1F1S1F1F1F10 12)

Phipps Company Borrowed $25,000 Cash on October 1,2010,and Signed a Six-Month,8