I need answer this accounting question On November 30, Thatcher Company issued an $8,000,6%, 4-month note to the National Bank. The entry onThatcher's books to record the payment of the note atmaturity will include a credit to Cash for:a. $8,000.b. $8,480.c. $8,160.d. $8,320.

Step 1: Define Promissory NoteA promissory note is a financial instrument issued by companies to the…

Answered: On November 30, Thatcher Company issued…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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On November 30, Thatcher Company issued an $8,000, 6%, 4-month note to the National Bank. The entry on Thatcher's books to record the payment of the note at maturity will include a credit to Cash for: a. $8,000. b. $8,480. c. $8,160. d. $8,320.