Multiple Choice
On March 1, Brutto Corp.issues a 3 year, 5%, $60,000 note payable.The terms of the note include monthly blended principal and interest payments of $1,799.The entry to record the first instalment payment will include a
A) debit to Notes Payable of $1,799.
B) debit to Cash of $1,799.
C) credit to Interest Expense of $3,000.
D) debit to Interest Expense of $250.
Correct Answer:
Verified
Correct Answer:
Verified
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