I need answer ASAP! Martinez Co. borrowed $74,491 on March 1 of the...
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Martinez Co. borrowed $74,491 on March 1 of the current year by signing a 60-day, 10%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a Oa. debit to Interest Payable for $1.242. Ob. debit to Interest Expense for $1.242. Oc. credit to Cash for $74,491. Od. credit to Cash for $81.940
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