Question: On October 1, Asus Computers borrows $75,000 from Small Town Bank on a $75,000, 3-month, 6% note. Assuming interest was accrued at December 31, the

On October 1, Asus Computers borrows $75,000 from Small Town Bank on

On October 1, Asus Computers borrows $75,000 from Small Town Bank on a $75,000, 3-month, 6% note. Assuming interest was accrued at December 31, the entry by Asus Computers to record payment of the note and accrued interest on January 1 is A) None of these answers is correct. 75,000 1,125 76,125 76,125 76,125 B) Notes Payable Interest Payable Cash c) Notes Payable Cash D) Notes Payable Interest Expense Cash E) Notes Payable Interest Payable Cash 75,000 1,125 76,125 75,000 4,500 79,500

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