County Bank agrees to lend Hoffman Granite Company $400,000 on January 1, 2019. Hoffman Granite Company signs a $400,000, 8%, 9-month note. The entry made by Hoffman Granite on January 1, 2019 to record the proceeds and issuance of the note is

Select one:

a.

Cash 400,000

Notes Payable 400,000

b.

Interest Expense 24,000

Cash 376,000

Notes Payable 400,000

c.

Cash 400,000

Interest Expense 24,000

Notes Payable 424,000

d.

Cash 400,000

Interest Expense 24,000

Notes Payable 400,000

Interest Payable 24,000

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