Note Payable of $6,000 represents a loan hat was taken on June 1, 2019 at a yearly Interest rate of 10%. The journal entry ecorded for the receipt of the loan on June 1, 2019 was: Debit Interest Expense $6,000, credit nterest Payable $6,000 Debit cash $1,200, credit Interest payable $1,200 Debit cash $6,000, credit note payable $6,000 Debit Interest Expense $600, credit Note Payable $600

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