A $20 000, 3- month, 8% note payable was issued on 1 November 2015. Which of the following would be included in the journal entry required on the note's maturity date?
A)A debit to Interest expense for $133
B)A credit to Cash for $10 000
C)A credit to Note payable for $20 400
D)A debit to Interest payable for $133

Question

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The Answer of A $20 000, 3- month, 8% note payable was issued on 1 November 2015. Which of the following would be included in the journal entry required on the note's maturity date?
A)A debit to Interest expense for $133
B)A credit to Cash for $10 000
C)A credit to Note payable for $20 400
D)A debit to Interest payable for $133

A $20 000, 3- Month, 8% Note Payable Was Issued