Multiple Choice
On November 1, 2020, France Corp. signed a three-month, zero-interest-bearing note for the purchase of $ 60,000 of inventory. The maturity value of the note was $ 60,600, based on the bank's discount rate of 4%. The adjusting entry prepared on December 31, 2020 in connection with this note will include a
A) debit to Note Payable for $ 400.
B) credit to Note Payable for $ 400.
C) debit to Interest Expense for $ 600.
D) credit to Interest Expense for $ 200.
Correct Answer:
Verified
Correct Answer:
Verified
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