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22. On November 1, 2021, Jory Laundry signed a $100,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later
22. On November 1, 2021, Jory Laundry signed a $100,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. Jory Laundry records the appropriate adjusting entry for the note on December 31, 2021. In recording the payment of the note plus accrued interest at maturity on May 1, 2022, Jory Laundry would:
A) Debit Interest Payable, $3,000
B) Debit Interest Expense, $1,500
C) Debit Interest Payable, $1,500
D) Debit Interest Expense, $4,500
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