Question: Bison Corp. issues a 5 year 8%, $60,000 note payable on March 1. The terms of the note include monthly blended principal and interest payments

Bison Corp. issues a 5 year 8%, $60,000 note payable on March 1. The terms of the note include monthly blended principal and interest payments of $1,217. The entry to record the second instalment payment will show a: credit to Interest Expense for $395. debit to Interest Expense for $400. debit to Cash for $1,217. debit to Notes Payable of $822

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