On April 3, Angel Express Issued a 12%, 90-Day, $14,000

Multiple Choice

On April 3, Angel Express issued a 12%, 90-day, $14,000 promissory note. Angel Express should record the payment of the note on the maturity day as: (Use a 360-day year. Do not round any intermediate calculations. Round your final answers to the nearest dollar.)

A) debit Notes Payable $14,420; credit Cash $14,420.
B) debit Notes Payable $14,000; debit Interest Expense $420; credit Cash $14,420.
C) debit Notes Payable $14,000; debit Interest Payable $420; credit Cash $14,420.
D) debit Notes Payable $14,000; credit Cash $14,000.