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Question
Target Corp. borrowed $106,000 cash on September 1, 2014, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2015. Assume that the appropriate adjusting entry was made on December 31, 2014 and that no adjusting entries have been made during 2015. Which of the following would be the required journal entry to pay the note on August 31, 2015?
a. Interest expense 6,360
Cash 6,360
b. Interest payable 2,120
Notes payable 106,000
Cash 108,120
c. Notes payable 106,000
Interest expense 6,360
Cash 112,360
d.Interest Expense -4240
interest payable 2120
notes payable 106000
cash 112,360
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