True County Bank agrees to lend Washington Steele Company $6…
Questions
True Cоunty Bаnk аgrees tо lend Wаshingtоn Steele Company $600,000 on January 1. Washington Steele Company signs a $600,000, 8%, 9-month note. The entry made by Washington Steele Company on January 1 to record the proceeds and issuance of the note is a. Interest Expense.................................................................... 36,000 Cash.......................................................................................564,000 Notes Payable.............................................................. 600,000 b. Cash....................................................................................... 600,000 Notes Payable.............................................................. 600,000 c. Cash....................................................................................... 600,000 Interest Expense.................................................................... 36,000 Notes Payable.............................................................. 636,000 d. Cash....................................................................................... 600,000 Interest Expense.................................................................... 36,000 Notes Payable.............................................................. 600,000 Interest Payable............................................................ 36,000
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