On May 1, the Chris Company borrowed $30,000 from the Third Street Bank on a 1-year, 6% note. If the company keeps its records on a calendar year, an entry is needed on December 31 to increase
a. Interest Expense, $600.
b. Interest Expense, $1,800.
c. Interest Payable, $900.
d. Interest Payable, $1,200.
d
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