On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month,...
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Accounting
On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month, $120,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued interest on January 1 is Select one: a. Notes Payable....... Interest Expense... Cash... .125,000 2,500 127,500 b. Notes Payable....... Interest Payable...... Cash............ 125,000 2,500 127,500 Notes Payable.. Cash........... 127,500 127.500 Notes Payable.. Interest Payable...... 125,000 10,000 Cash.... 135,000 e. The answer does not exist
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