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Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9-month note. What entry will Blossom
Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9-month note. What entry will Blossom Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?
Notes Payable | 320000 | |
Interest Payable | 14400 | |
Cash | 334400 |
Notes Payable | 334400 | |
Cash | 334400 |
Interest Payable | 9600 | |
Notes Payable | 320000 | |
Interest Expense | 4800 | |
Cash | 334400 |
Interest Expense | 14400 | |
Notes Payable | 320000 | |
Cash | 334400 |
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