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On September 1, 2021, Daylight Donuts signed a $180,000, 9%, six-month note payable...

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Accounting

On September 1, 2021, Daylight Donuts signed a $180,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2021. In recording the payment of the note plus accrued interest at maturity on March 1, 2022, Daylight Donuts would: (Do not round your intermediate calculations.)

Multiple Choice

  • Debit Interest Expense, $5,400.

  • Debit Interest Payable, $2,700.

  • Debit Interest Expense, $8,100.

  • Debit Interest Expense, $2,700.

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