1 Point On October 31, Acting-Like-an-Accountant borrowed $250,000 from Bankrupt National Bank. The N/P is a 3-month, 8% note. What would the entry would be when the N/P is paid on January 1 of the next year assuming interest was accrued as of December 31 of the previous year?

On October 31, Acting-Like-an-Accountant borrowed $250,000 from Bankrupt National Bank. The N/P is a 3-month, 8% note. What would the entry would be when the N/P is paid on January 1 of the next year assuming interest was accrued as of December 31 of the previous year? On October 31, Acting-Like-an-Accountant borrowed $250,000 from Bankrupt National Bank. The N/P is a 3-month, 8% note. What would the entry would be when the N/P is paid on January 1 of the next year assuming interest was accrued as of December 31 of the previous year