A business borrowed $63,248 on March 1 of the current year by signing a 30 day, 11% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a ...

debit to Interest Payable for $580

debit to Interest Expense for $580

credit to Cash for $63,248

credit to Cash for $70,205