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H3Ko H3Ko
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7 years ago
A $54,000, four-month, 12% note payable was issued on October 1, 2017. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
A) a credit to Note payable for $56,160
B) a debit to Interest expense for $540
C) a debit to Interest payable for $540
D) a credit to Cash for $54,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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