Martinez Co. borrowed $69,600 on March 1 of the current year by signing a 60-day, 11%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a

a. debit to Interest Payable for $1,027.

b. debit to Interest Expense for $1,027.

c. credit to Cash for $56,012.

d. credit to Cash for $62,173.

Answer rating: 100% (QA)

Answer The correct answer is bdebit to Interest E... View the full answer