On December 1, 2015, Sons, Inc borrowed money at the bank by signing a 90-day non-interest-bearing note for $40,000 that was discounted at 12%. Which of the following entries is not correct?
A) December 31, 2015?Interest Expense 400Discount on Note Payable 400?
B) Feb. 1, 2016?Interest Expense 800Discount on Note Payable 800?
C) December 31, 2015?Discount on Note Payable 400Interest Expense 400?
D) December 1, 2015?Cash 38,800Discount on Note Payable 1,200Note Payable 40,000
C
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