Multiple Choice
On November 1, 2014, Chancellor Co.borrowed $80,000 from State Bank and signed a 12%, six-month note payable, all due at maturity.The interest on this loan is stated separately.At December 31, 2014, the adjusting entry for this note includes a:
A) Debit to Interest Expense for $3,200.
B) Credit to Notes Payable for $1,600.
C) Credit to Cash for $4,800.
D) Credit to Interest Payable for $1,600.
Correct Answer:
Verified
Correct Answer:
Verified
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