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On December 1, 2016, EMG Company purchased $60,000 of equipment by issuing a 120- day,...

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Accounting

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On December 1, 2016, EMG Company purchased $60,000 of equipment by issuing a 120- day, 10% note payable to Bank of Maryland. 10. Assuming the company's accounting period ends on December 31, the journal entry recorded by EMG Company on the note maturity date will include: A) Debit to Interest Expense for $1,500 B) Debit to Interest Payable for $1,500 C) Debit to Interest Payable for $1,000 D) Debit to Interest Expense for $500

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