seven question for chapter 8.

CUMULATIVE REVIEW PROBLEM: CHAPTER 8 The purpose of this problem is to provide an opportunity to revieno both new concepts in the curre chapter and major concepts in precious chapters. This cumulative review should assist you i integrating accounting concepts and preparing for exams. REQUIRED: Answer each of the following seven questions: Use the following information to answer the next two questions: Meg Co. borr wed $300,000 by giving a 16%,90 day, $300,000 note payable dated May 14, 2011 at Tolland Bank. Interest is payable at the maturity date. 1. The maturity date of Meg Co.'s note would be: 2. At maturity, Meg Co. should record the payment of the note with a journal entry that would include: A. a debit to Cash for $348,000 B. a debit to Interest Expense for $48,000. C. a credit to Cash for $348,000. D. a credit to Notes Payable for $300,000. E. None of the above