On November 1, 2024, Acme Industries, which uses a calendar year as its fiscal year, signs a $30,000, 7%, six-month note payable. Which of the following entries correctly records the payment of the note and entire interest on May 1, 2025? O O O Notes Payable Cash Notes Payable Interest Expense Interest Payable Cash Notes Payable Interest Expense Cash Notes Payable Cash 32,100 32,100 30,000 700 350 31,050 30,000 1,050 31,050 31,050 31,050

On November 1, 2024, Acme Industries, which uses a calendar year as its fiscal year, signs a $30,000,7%, six-month note payable. Which of the following entries correctly records the payment of the note and entire interest on May 1, 2025