On October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash O Notes Payable Interest Payable Cash O Notes Payable Interest Expense Interest Payable Cash O Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500

On October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash O Notes Payable Interest Payable Cash O Notes Payable Interest Expense Interest Payable Cash O Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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