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Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick signs a $534000, 5%, 9- month note. What entry will Wildhorse Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? O O Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Cash 20025 534000 13350 534000 6675 534000 20025 554025 554025 554025 554025 554025

Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick signs a $534000, 5%, 9- month note. What entry will Wildhorse Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? O O Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Cash 20025 534000 13350 534000 6675 534000 20025 554025 554025 554025 554025 554025

FINANCIAL ACCOUNTING
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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Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick signs a $534000, 5%, 9- month note. What entry will Wildhorse Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Cash 20025 534000 13350 534000 6675 534000 20025 554025 554025 554025 554025 554025
Transcribed Image Text:Indigo County Bank agrees to lend the Wildhorse Brick Company $534000 on January 1. Wildhorse Brick signs a $534000, 5%, 9- month note. What entry will Wildhorse Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Cash 20025 534000 13350 534000 6675 534000 20025 554025 554025 554025 554025 554025
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