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West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-month note. What entry will
West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-month note. What entry will Drake Builders Company make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? 412,000 412,000 400,000 12,000 a. Notes Payable. Cash b. Notes Payable. Interest Payable Cash C. Interest Expense. Notes Payable. Cash d. Interest Payable Notes Payable.... Interest Expense Cash 412,000 12,000 400,000 412,000 6,000 400,000 6,000 412,000 1) a O 2b O 3c
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