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On December 1, Nautilus Corporation borrowed $90,000 from a bank and signed a 10%, 90-day note payable in the amount of $90,000. The December 31
On December 1, Nautilus Corporation borrowed $90,000 from a bank and signed a 10%, 90-day note payable in the amount of $90,000. The December 31 adjusting entry will be: a Debit Interest Expense $750 and credit Notes Payable $750. b Debit Interest Expense $750 and credit Interest Payable $750. c Debit Discount on Notes Payable $1,500 and credit Interest Payable $1,500. d Debit Interest Expense $750 and credit Cash $750
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