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3. On June 1, Whit Corporation purchased a truck for $30,000. To pay for the truck, Whit issued and recorded a six-month note payable for
3. On June 1, Whit Corporation purchased a truck for $30,000. To pay for the truck, Whit issued and recorded a six-month note payable for $31,500. No other entry was recorded for the note until payment on December 1. The journal entry to record payment of the note would include: a. A debit to Interest Expense for $1,500. b. A debit to Discount on Notes Payable for $1,500. c. A debit to Notes Payable for $30,000. d. A debit to Cash for $31,500
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