Multiple Choice
Bison Corp. issues a 5 year 8%, $60,000 note payable on March 1. The terms of the note include monthly blended principal and interest payments of $1,217. The entry to record the second instalment payment will show a:
A) debit to Interest Expense for $400.
B) credit to Interest Expense for $395.
C) debit to Notes Payable of $822.
D) debit to Cash for $1,217.
Correct Answer:
Verified
Correct Answer:
Verified
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