7. What should be the entry for interest expense on March 31 in Exam Figure A? (Hint: There are two notes.) O A. Credit $750 O B. Credit $1,500 O C. Debit $1,500 O D. Debit $750 Notes Payable Date Description Interest Rate 9% January 1 $100,000 note due in 9 months 12% March 1 $75,000 note due in 6 months Notes Receivable 6% February 1 $60,000 note due in 3 months Assume all interest is paid at maturity and none of the notes are paid early 7. What should be the entry for interest expense on March 31 in Exam Figure A? (Hint: There are two notes.) O A. Credit $750 O B. Credit $1,500 O C. Debit $1,500 O D. Debit $750 Notes Payable Date Description Interest Rate 9% January 1 $100,000 note due in 9 months 12% March 1 $75,000 note due in 6 months Notes Receivable 6% February 1 $60,000 note due in 3 months Assume all interest is paid at maturity and none of the notes are paid early