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Martinez Co. borrowed $66,000 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 $66,000 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 ______ .
Round your answer to the nearest whole dollar.
a.debit to Interest Payable for $1,210
b.debit to Interest Expense for $1,210
c.credit to Cash for $66,000
d.credit to Cash for $73,260
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