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What the entry for the payment should include a

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Problem 1: Martinez Co. borrowed $50,000 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry for the payment should include a

a. debit to Interest Expense for $750
b. credit to Cash for $50,000
c. credit to Cash for $54,500
d. debit to Interest Payable for $750

Reference no: EM132835345

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