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Weavile Corporation takes out a $100,000 cash loan from its bank by signing a 30%, 10-month promissory note on July 1. The journal entry at the note's maturity will include: Group of answer choices Debit to Interest Expense for $10,000 Credit to Cash for $100,000 Debit to Interest Expense for $30,000

Weavile Corporation takes out a $100,000 cash loan from its bank by signing a 30%, 10-month promissory note on July 1. The journal entry at the note's maturity will include: Group of answer choices Debit to Interest Expense for $10,000 Credit to Cash for $100,000 Debit to Interest Expense for $30,000

College Accounting (Book Only): A Career Approach
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 3P
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Weavile Corporation takes out a $100,000 cash loan from its bank by signing a 30%, 10-month promissory note on July 1. The journal entry at the note's maturity will include:
Group of answer choices
Debit to Interest Expense for $10,000
Credit to Cash for $100,000
Debit to Interest Expense for $30,000
Debit to Interest Expense for $15,000
 
 
 
 

 

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