Question: On December 1, 2020, Ruby Ltd. borrowed $ 180,000 from their bank, by signing a four-month, 5% interest-bearing note. Assuming Ruby has a December 31

On December 1, 2020, Ruby Ltd. borrowed $ 180,000 from their bank, by signing a four-month, 5% interest-bearing note. Assuming Ruby has a December 31 year end and does NOT use reversing entries, the journal entry to record payment of this note on April 1, 2021will include a?

		debit to Interest Payable of $ 750.
		debit to Interest Expense of $ 3,000.
		debit to Interest Payable of $ 2,250.
		credit to Note Payable of $ 180,000

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