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Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski...

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Accounting

Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000,6%,9-month note. Recording the proceeds and issuance of the note by Sadowski Brick Company on January 1 includes a(n)
Group of answer choices
Increase to Cash and to Notes Payable for $500,000.
Increase to Interest Expense for $22,500, increase to Cash for $477,500, and an increase to Notes Payable for $500,000.
Increase to Cash for $500,000, increase to Interest Expense for $22,500, and an increase to Notes Payable for $522,500.
Increase to Cash for $500,000, increase to Interest Expense for $22,500, increase to Notes Payable for $500,000, and an increase to Interest Payable for $22,500.

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