I1. MC.10.47.ALGO (Algorithmic) Martinez Co. borrowed $73,304 on March 1 of...
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I1. MC.10.47.ALGO (Algorithmic) Martinez Co. borrowed $73,304 on March 1 of the current vear by signing a 60-day, 7%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a a. debit to Interest Payable for $855. b. debit to Interest Expense for $855. c. credit to Cash for $73,304. 12,000 450.000 d. credit to Cash for $78,435
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