A $54,000, four month, 12 note payable was issued on October 1, 2017 Which of the following would be included in the journal entry required on the note 's maturity date by the borrower (Round your answer to the nearest whole number ) a) A credit to Note payable for $56,160 b) A credit to Cash for $...

c A debit to interest expense 540 The correct journal entries ar ...

A $54,000, four-month, 12% note payable was issued on October 1, 2017. Which of the following would

Question:

A $54,000, four-month, 12% note payable was issued on October 1, 2017. Which of the following would be included in the journal entry required on the note's date by the borrower? (Round your answer to the nearest whole number.)
a) A credit to Note payable for $56,160
b) A credit to Cash for $54,000
c) A debit to Interest expense for $540
d) A debit to Interest payable for $540?
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...