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Question
On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note?A.Debit Interest Expense $625; credit Interest Payable $625.
B.Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375
C.Debit Cash $50,625; credit Notes Receivable $50,625.
D.Debit Notes Payable $50,625; credit Cash $50,625.
E.Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625.
Answer
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