On October 1, 2020, a business signed a 14%, 6-month, $150000 note payable to a bank. The
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On October 1, 2020, a business signed a 14%, 6-month, $150000 note payable to a bank. The principal amount is due at maturity, and the interest is payable bi-monthly on December 1, 2020, and February 1, 2021, and April 1, 2021 The fiscal year end is December 31, 2020. The journal entry on February 1, 2021 will include a credit to cash of:
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