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Idaho Company Signed a $540,000, 90-Day, 9% Note Payable, on December

Question 67

Multiple Choice

Idaho Company signed a $540,000, 90-day, 9% note payable, on December 1, 2019. If the accounting period ends on December 31, 2019, the entry made on the note's maturity (March 1, 2020) will include:


A) A debit to Interest Payable for $8,100
B) A debit to Interest Expense for $12,150
C) A debit to Interest Expense for $4,050
D) A debit to Interest Expense for $8,100

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