On September 1, Eli's Painting Service borrows $150,000 from National Bank on a 4-month, $150,000, 6% note. The entry by Eli's Painting Service to record payment of the note and accrued interest on January 1 is
a. Notes Payable....................................................................... 153,000
Cash.............................................................................. 153,000
b. Notes Payable....................................................................... 150,000
Interest Payable..................................................................... 3,000
Cash.............................................................................. 153,000
c. Notes Payable....................................................................... 150,000
Interest Payable..................................................................... 9,000
Cash.............................................................................. 159,000
d. Notes Payable....................................................................... 150,000
Interest Expense.................................................................... 3,000
Cash.............................................................................. 153,000
b. Notes Payable....................................................................... 150,000
Interest Payable..................................................................... 3,000
Cash.............................................................................. 153,000
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