10. On January 1, 2016 a $300,000.00 loan closes with an annual interest rate of 6%. What will be the total interest paid for 2016 if no payments are made to the principal? $___________________

A. Your entry to record the note would be: A. Debit cash and credit notes receivable B. Debit cash and credit notes payable C. Debit notes payable and credit cash D. Debit notes receivable and credit cash

B. Your entry to record the interest paid for the month of January would be: A. Debit $1,000.00 to cash and credit $1,000.00 to interest expense B. Debit $1,500.00 to cash and credit $1,500.00 to interest expense C. Debit $1,500.00 to cash and credit $1,500.00 to notes payable D. None of the above