A business borrowed $40,000 from a bank on May 31 of the current year. The business...

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A business borrowed $40,000 from a bank on May 31 of the current year. The business signed a $40,000, 6%, 12-month promissory note. Interest is paid on the first day following each quarter. Interest was last paid on September 1. The fiscal year for the business is October 31. B. What entry would the business make when it pays the note on maturity? The business would record how many dollars (dollar amount without dollar sign ($) or x of interest expense as part of the entry? comma, e.g. 15000) 2400 How many dollars will the business pay on maturity? (dollar amount without dollar sign ($) or comma, e.g. 15000) of 42400 x A business borrowed $40,000 from a bank on May 31 of the current year. The business signed a $40,000, 6%, 12-month promissory note. Interest is paid on the first day following each quarter. Interest was last paid on September 1. The fiscal year for the business is October 31. B. What entry would the business make when it pays the note on maturity? The business would record how many dollars (dollar amount without dollar sign ($) or x of interest expense as part of the entry? comma, e.g. 15000) 2400 How many dollars will the business pay on maturity? (dollar amount without dollar sign ($) or comma, e.g. 15000) of 42400 x

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Principal amount borrowed 40000 Interest rate 6 Interest payment dates Quarterly Last interest payment date September 1 Current Year Maturity Date May ... View the full answer