Question: Stanley has a $2,000 note payable that was taken out on December 31, 2020. When it matures at the end of 2022, Stanley must pay

  1. Stanley has a $2,000 note payable that was taken out on December 31, 2020. When it matures at the end of 2022, Stanley must pay back the $2,000 in principle as well as interest at an annual rate of 9%. The total interest over the 2 years will be $2,000 * 0.09 * 2 or $360. 

  3. Record the adjusting journal entry at January 31, 2021 to recognize interest on the note payable for the month of January

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