1 On April Salish Company borrowed $1000 from the bank by signing a 12% 3-month note payonin. The amount borrowed plus accrued interest is due on July 1. What journal entry should the company make on July 1 when it repays the note Me Choice 5 Account Notes Payable Interest Payable Cash Debit Credit 1.000 120 1.120 Account Notes Payable Interest Expense Cash Debit Credit 1.000 30 1.030 Account Notes Payable Cash Debit Credit 1.000 1000 120 Interest Payable Cash 1.120 Account Notes Payable Interest Expense Cash Debit Credit 1.000 30 1030 Account Notes Payable Cash Debit Credit 1,000 1.000 O Account Cash Notes Payable Interest Expense Debit Credit 1,030 1,000 30