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Martinez Co. borrowed $65,262 on March 1 of the current year by signing a 60-day, 11%, interest-bearing note. Assuming a 360-day year, when the note
Martinez Co. borrowed $65,262 on March 1 of the current year by signing a 60-day, 11%, 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 Oa. debit to Interest Payable for $1,196. Ob. debit to Interest Expense for $1,196. Oc. credit to Cash for $65,262. Od. credit to Cash for $72,441
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