How to make an adjusting entry.

The source document is a bank memo and it is for the interest accrued and paid for the period. The rate: 0.5% interest per month on all long term debt at month end. Payment: Interest has been withdrawn from our bank account.

This is a financial accounting assignment and this is one of the adjustments. What do I do?

Debit Interest Expense for the amount of interest
Credit Cash for the same amount