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On April 1, 2022, Dallas Company borrowed $120,000 on a bank note for 7 months. The bank discounted the note at 4%. The entry to
On April 1, 2022, Dallas Company borrowed $120,000 on a bank note for 7 months. The bank discounted the note at 4%. The entry to record the payment of this note on October 31,2022 would include a: debit to interest payable for $2,800. credit to cash for $117,200. credit to discounts on notes for $2,800. debit to note payable for $117,200. debit to interest expense for $4,800
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