Sunland Company borrowed $14400 from the bank signing $7%, 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, $1008; credit Cash $1008. debit Cash $84 credit interest Payable $84. debit Interest Expense. 51008 credit interest Payable, $1008 debit Interest Expense $84 credit interest Payable, $84