300, 000 9,000 309,000 300, 000 9,000 309, 000 300,000 6,000 3,000 309,000 300,000 6,000 3,000 309,000 On October 1, 2025, Conway, Inc. borrowed $300,000 by signing a nine-month, 4% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? OA. Notes Payable Interest Expense Cash OB. Notes Payable Interest Payable Cash 300,000 9,000 300,000 9,000 309,000 309,000

300, 000 9,000 309,000 300, 000 9,000 309, 000 300,000 6,000 3,000 309,000 300,000 6,000 3,000 309,000 On October 1, 2025, Conway, Inc. borrowed $300,000 by signing a nine-month, 4% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? OA. Notes Payable Interest Expense Cash OB. Notes Payable Interest Payable Cash 300,000 9,000 300,000 9,000 309,000 309,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sh.13. December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $2.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity. May 1 Paid the 13% note at maturity. December 1 Supported by the credit line, issued $17.6 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 12% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liabil ity.