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

A $20,000,3-Month,8% Note Payable Was Issued on November 1,2015