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  3. the note payable for $60,000 is a 5-year note that

The note payable for $60,000 is a 5-year note that matures on December 31, 2023....

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Accounting

  1. The note payable for $60,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 8% and is payable annually on each December 31st. Shipping Inc. made its regularly scheduled interest payment of $4,800 on December 31, 2020.

How do I record this on the adjusting entry with explanation please .

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