On November 1, 2014, Chancellor Co. borrowed $80,000 from State Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. At December 31, 2014, the adjustment for this note includes:
A) an increase to Notes Payable for $1,600.
B) an increase to Interest Payable for $1,600.
C) an increase to Interest Expense for $3,200.
D) a decrease to Cash for $4,800.
Correct Answer:
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