Kingbird, Inc. borrowed 5 17100 from the bank signing a 5%. 3 month note on October 1, 2021. Principal and interest are payable to the bank on January 1, 2022. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on October 31, 2021 would be debit Note Payable. $ 855; credit Cash. $855. debit interest Expense, $ 71 credit Interest Payable 571 debit interest Expense. 5855, credit Interest P. 5855 debit Cash 5 71: Credit Interest Payable. 571