Help I Multiple Choice Question 79 Moss County Bank agrees to lend the Crane Com

Question

Help I Multiple Choice Question 79 Moss County Bank agrees to lend the Crane Company $335000 on January 1 rane comp any signs a $335000 6% 9-month note Wh at entry wil Crane Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 307 O Interest Expense 15075 335000 Notes Payable 350075 O Interest Payable 10050 Notes Payable Interest Expense Cash 350075 350075 O Notes Payable 15075 Interest Payable 350075 Cash Click if you would like to Show Work for this question: en Show Wodk Question Attempts: 0 of 1 used SAVE FOR LATER

Explanation / Answer

Answer is Interest expense Account Dr. 335000 Notes payable Dr. 15075      Cassh account 350075 Explanation: Notes payable amount 335000 Interest paid (335000*6%*9/12) 15075 Total amount paid 350075

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