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Question 14 1 pts On April 1, Lytum & Hyde Explosives borrows money from Fifth Third National Bank on a one-year, $60,000, 2% note.
Question 14 1 pts On April 1, Lytum & Hyde Explosives borrows money from Fifth Third National Bank on a one-year, $60,000, 2% note. Interest and principal is all due when the note matures. Assuming any prior monthly journal entries were not made, the journal entry Lytum & Hyde Explosives must make on December 31 before financial statements are prepared must include: (Choose all of the correct answers.) O Debit Notes Payable for $60,000 O Debit Interest Expense for $1,200 O Debit Interest Expense for $900 Credit Interest Payable for $1,200 Credit Cash for $900
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