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On September 1 , 2 0 X 1 , Young Corp. borrowed $ 1 5 , 0 0 0 in cash by signing a six
On September X Young Corp. borrowed $ in cash by signing a sixmonth, note.
The notes face value plus interest is due on March X
Young Corp. has a calendar yearend.
Question: Assuming the September and December X journal entries were correctly recorded, the journal entry to record the repayment of the note on March X should include which of the following?
Note: Round all interest calculations to the nearest whole month and whole dollar.
aDebit to "Interest Expense" for $
bDebit to "Interest Expense" for $
cDebit to "Interest Payable" for $
dDebit to "Interest Payable" for $
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