On April 1 2014. Pennington Company issued an S80000 10%, 9-month no es payable

Question

On April 1 2014. Pennington Company issued an S80000 10%, 9-month no es payable which due on January 1 2015. Assuming interest as proper to record the proper payment of the notes payable and accrued interest on January 1, 2015, will include which of the following: (choose the best answer) accrued on December the ntry Debit to Interest Payable of $6,000 O Debit to Interest Expense of $8,000 O Debit to Interest Payable of $6,000 Credit to Cash of $86,000 O Debit to Interest Expense of $8,000 Debit to Interest Payable of $6,000 Credit to Cash of $86,000 Credit to Cash of $86,000

Explanation / Answer

Account Tittle Debit Credit 1 Notes payable $80,000 Interest Payable $6,000 Cash $86,000 2. Interest Expense $5,000 Interest Payable $5,000

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