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Martinez co borrows 56400 on mar 1 of the current year by signing a 60 day, 11% interest beating note. Assuming a 360 day year,
Martinez co borrows 56400 on mar 1 of the current year by signing a 60 day, 11% interest beating note. Assuming a 360 day year, when the note is paid on apr 30, the entry to record the payment should include a
A debit to interest payable 1034
B debit to interest expense 1035
C credit for cash for 56400
D credit to cash 62604
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