What Is the Debtor's Entry to Record a Note Paid

question 114

Multiple Choice

What is the debtor's entry to record a note paid, with interest accrued in the previous year (assume there is a reversing entry) ?

• A) Debit Cash; credit Interest Receivable; credit Notes Receivable; credit Interest Income
• B) Debit Notes Payable; debit Interest Expense; debit Interest Payable; credit Cash
• C) Debit Cash; credit Interest Income; credit Notes Receivable
• D) Debit Notes Payable; debit Interest Expense; credit Cash

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