RBR issues a 1-year $50,000 note payable to a bank on April 30, 2020. The note bears interest of 6%. Interest is repaid with the balance of the note. The note is repaid in full on April 30, 2021. RBR records adjusting entries only at year-end and records the necessary adjusting entry on December 31. RBR makes their next entry related to the note payable to record repayment of the note on April 30, 2021. The entry recorded on April 30, 2021: a. Includes a credit to cash of $50,000 b. Includes a credit to Note Payable of $50,000 c. Includes a debit to interest expense of $3,000 d. Includes a debit to Interest Payable of $2,000 e. Includes a credit to interest expense of $2,000 10. Use the same facts from the previous problem. Now, assume that RBR performs adjusting entries every month (rather than only on December 31). The entry recorded on April 30, 2021: a. Reduces expenses by $250 b. Reduces net income by $250 c. Reduces assets by $50,000 d. Reduces liabilities by $50,000 e. Reduces liabilities by $52,000 4

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The entry recorded on April 30 2021 to record the repayment of the note payable would be as follow... View the full answer