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Gold Federal Bank agrees to lend Khan Accounting Firm $250,000 on January 1. Khan Accounting Firm signs a $250,000, 9%, 6-month note. What entry will
Gold Federal Bank agrees to lend Khan Accounting Firm $250,000 on January 1. Khan Accounting Firm signs a $250,000, 9%, 6-month note. What entry will Khan Accounting Firm make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? a. Notes Payable. 261,250 Cash... 261,250 b. Interest Expense 11,250 Notes Payable 250,000 Cash... 261,250 b. Notes Payable 250,000 Interest Payable 11,250 Cash 261,250 d. Interest Payable 10,000 Notes Payable.. 250,000 Interest Expense 1,250 Cash 261,250
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