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  3. 1- first national bank agrees to lend $100,000 on

1- First National Bank agrees to lend $100,000 on September 1, 2014, if Cole Williams...

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Accounting

1- First National Bank agrees to lend $100,000 on September 1, 2014, if Cole Williams Co. signs a $100,000, 12%, four-month note maturing on January 1.the adjusting entry on Dec. 31: a. Debit Interest payable 4,000 and credit Interest expense 4,000 b. Debit Interest expense 4,000 and credit Cash 4,000 c. Debit Cash 4,000 and credit Interest payable 4,000 d. Debit Interest expense 4,000 and credit Interest payable 4,000

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