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WU JO on in long-term liabilities 20) Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12% interest-bearing note payable. The
WU JO on in long-term liabilities 20) Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12% interest-bearing note payable. The interest and principal are both due on March 31, 2020. 20) Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the entire amount due on March 31, 2020? A) Interest expense Notes payable Interest payable Cash B) XXX Interest payable Note payable Cash XXX XXX XXX Interest expense Interest payable Notes payable Cash XXX
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