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On December 1, 2017, Corby Ltd. borrowed $270,000 from their bank, by signing a four-month, 7% interest-bearing note. Assuming Corby has a December 31 year

On December 1, 2017, Corby Ltd. borrowed $270,000 from their bank, by signing a four-month, 7% interest-bearing note. Assuming Corby has a December 31 year end and does NOT use reversing entries, the journal entry to record payment of this note on April 1, 2018 will include a A) credit to Note Payable of $270,000. B) debit to Interest Expense of $6,300. C) debit to Interest Payable of $4,725. D) debit to Interest Payable of $1,575

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