Vaughn Music Store borrowed $28800 from the bank signing a 10%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be Debit interest Expense, $2880: Credit interest Payable $2880 O Debit Cath, 5720 Credit Interest Payable, 5720 Debit interest Expense $240 Credit Interest Payable, 5240 Debit Notes Payable, $2060, Credit Cath $2880 eTextbook and Media