A business borrowed 57177 on march 1 of the current year, Ask an Expert

Accounting

A business borrowed $57,177 on March 1 of the current year by signing a 30 day, 8% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a
debit to Interest Payable $381
debit to Interest Expense $381
credit to Cash for $57,177
credit to Cash for $61,751

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91190115

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