MC Qu. 77 On November 1, Alan Company... On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $30,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.) points Multiple Choice eBook 0 Debit Notes Payable $30,000, debit Interest Payable $500; credit Cash $30,500 References 0 Debit Notes Payable $30,000; debit Interest Expense $1000, credit Cash $31,000. 0 Debit Notes Payable $31,000; credit Interest Payable $500; credit Interest Expense $500, credit Cash $30,000. 0 O Debit Cash $30,500; credit Notes Payable $30,500 0 Debit Notes Payable $30,000; debit Interest Payable $500; debit interest Expense $500, credit Cash $31.000