20140.01 35 On September 1, 2024, Daylight Donuts signed a $160,000,8%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts accrued interest for the note on December 31, 2024. Which of the following would be recorded on the payment of the note plus accrued interest at maturity on March 1, 2025? (Do not round your intermediate calculations.) Multiple Choice Interest Expense of $4,267 interest Expense of $2.133 interest Expense of $6,400 Help Interest Payable of $2.133 Save & Exit Submit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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20140.01
35
On September 1, 2024, Daylight Donuts signed a $160,000, 8%, six-month note payable with the amount borrowed plus accrued interest due six months
later on March 1, 2025. Daylight Donuts accrued interest for the note on December 31, 2024. Which of the following would be recorded on the payment of
the note plus accrued interest at maturity on March 1, 2025? (Do not round your intermediate calculations.)
Multiple Choice
Interest Expense of $4,267
interest Expense of $2.133
interest Expense of $6,400
Help
Interest Payable of $2,133
Save & Exit
Submit
Transcribed Image Text:20140.01 35 On September 1, 2024, Daylight Donuts signed a $160,000, 8%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts accrued interest for the note on December 31, 2024. Which of the following would be recorded on the payment of the note plus accrued interest at maturity on March 1, 2025? (Do not round your intermediate calculations.) Multiple Choice Interest Expense of $4,267 interest Expense of $2.133 interest Expense of $6,400 Help Interest Payable of $2,133 Save & Exit Submit
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