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Moss County Bank agrees to lend the Crane Company $515000 on January 1. Crane Company signs a $515000, 6%, 9-month note. What entry will Crane
Moss County Bank agrees to lend the Crane Company $515000 on January 1. Crane Company signs a $515000, 6%, 9-month note. What entry will Crane Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?
A-
Notes Payable | 515000 | |
Interest Payable | 23175 | |
Cash | 538175 |
B-
Interest Payable | 15450 | |
Notes Payable | 515000 | |
Interest Expense | 7725 | |
Cash | 538175 |
C-
Notes Payable | 538175 | |
Cash | 538175 |
D-
Interest Expense | 23175 | |
Notes Payable | 515000 | |
Cash | 538175 |
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