Question: * Your answer is incorrect. On May 1, 2025, Crane Company signed a one-year, zero-interest bearing note for $49100 and received cash of $42200

* Your answer is incorrect. On May 1, 2025, Crane Company signed

* Your answer is incorrect. On May 1, 2025, Crane Company signed a one-year, zero-interest bearing note for $49100 and received cash of $42200 from the Virginia State Bank. The May 1 journal entry to record this transaction will include a debit to Interest Expense for $6900. a debit to Cash for $42200. a credit to Discount on Notes Payable for $6900. a credit to Notes Payable for $42200.

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