A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower?
A) a credit to Note payable for $40,867
B) a credit to Cash for $40,000
C) a debit to Interest expense for $217
D) a debit to Interest payable for $217
Correct Answer:
Verified
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