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Which is part of the entry for july

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Problem 1: On April 1, 2020, Rose Dish Corporation arranged a 3-month bank loan of $12 million with Second Bank under a line of credit agreement. Interest at the prime rate of 8% was payable at maturity. On July 1, 2020, the maturity date, Rose Dish paid off the loan. Which is part of the entry for July 1, 2020?

A. Debit interest expense for $240,000
B. Credit interest payable for $960,000
C. Debit cash for $12,240,000
D. Credit notes payable for $12,000,000

Reference no: EM132689703

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