Martinez Co. borrowed $69,000 on March 1 of the current year by signing a 60-day, 12%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a Oa. debit to Interest Payable for $1,380 Ob. debit to Interest Expense for $1,380 Oc. credit to Cash for $69,000 Od. credit to Cash for $77,280

Martinez Co. borrowed $69,000 on March 1 of the current year by signing a 60 -day, 12%, interest-bearing note. Assuming a 360 -day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debat to literest Payable for 51,380 b. debit to intecent Expense for 51.330 c. credit to Cash for 569,000 d. credit to Cath for $77.280 Martinez Co. borrowed $69,000 on March 1 of the current year by signing a 60 -day, 12%, interest-bearing note. Assuming a 360 -day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debat to literest Payable for 51,380 b. debit to intecent Expense for 51.330 c. credit to Cash for 569,000 d. credit to Cath for $77.280