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Company. borrowed $58,500 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is
Company. borrowed $58,500 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a
a. debit to Interest Payable for $780
b. debit to Interest Expense for $780
c. credit to Cash for $58,500
d. credit to Cash for $63,180
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