Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A business borrowed $74,756 on March 1 of the current year by signing a 30 day, 5% interest bearing note. When the note is paid
A business borrowed $74,756 on March 1 of the current year by signing a 30 day, 5% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a
A. Debit to interest payable $311
B. Debit to interest expense $311
C. Credit to cash for $74,756
D. Credit to cash for $78,494
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started