Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 12%, 9-month note. What entry will Trust Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?
A) Notes Payable 109,000Cash 109,000
B) Notes Payable 100,000Interest Payable 9,000Cash 109,000
C) Interest Expense 9,000Notes Payable 100,000Cash 109,000
D) Interest Payable 12,000Notes Payable 100,000Cash 112,000
B
Business
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