Major Company borrowed $12,000 by signing an 8% interest-bearing 45-day note payable to replace an overdue accounts payable. To record this transaction, Major Company should prepare a journal entry that includes a Question 15 options: A) credit to Accounts Payable for $12,000. B) credit to Notes Payable for $12,000. C) debit to Cash for $12,000. D) debit to Notes Payable for $12,000. E) debit to Cash for $12,300. Question 16 (0.17 points) The difference between the amount received from a note payable and the amount repaid is Question 16 options: A) interest. B) principal. C) face value. D) discount. E) premium