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Twix Co. borrowed $61,206 on March 1 of the current year by signing a 60-day, 5%, interest-bearing note. Assuming a 360-day year, when the note
Twix Co. borrowed $61,206 on March 1 of the current year by signing a 60-day, 5%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a O credit to Cash for $61,206 O debit to Interest Payable for $510 O credit to Cash for $64,266 O debit to Interest Expense for $510
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