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Solve Please with showing steps (ASAP) ANSWER thisQuestion On October 1, 2020, Construction Company borrows $100,000 from a Bank on a 3-month, $100,000, 8% note.
Solve Please with showing steps (ASAP) ANSWER thisQuestion
On October 1, 2020, Construction Company borrows $100,000 from a Bank on a 3-month, $100,000, 8% note. The entry by the Construction Company to record payment of the note and accrued interest on January 1,2021 is (assume a calendar year for the Construction Company) a. Notes Payable. 102,000 Cash ........ 102,000 b. Notes Payable 100,000 Interest Payable 2,000 Cash ....... 102,000 c. Notes Payable 100,000 Interest Payable 2,000 Cash ......... 102,000 d. Notes Payable 100,000 Interest Expense 2,000 Cash....... 102,000
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