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Martinez Co. borrowed $63,695 on March 1 of the current year by signing a 60-day, 7%, interest-bearing note. Assuming a 360-day year, when the note

Martinez Co. borrowed $63,695 on March 1 of the current year by signing a 60-day, 7%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a

a.debit to Interest Payable for $743.

b.debit to Interest Expense for $743.

c.credit to Cash for $63,695.

d.credit to Cash for $68,154.

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