Shamrock County Bank agrees to lend the Crane Brick Company $546,000 on January 1. Crane Brick signs a $546,000, 7%, 9-month note. What entry will Crane Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?
Interest Expense
Notes Payable
Cash
Notes Payable
Cash
Notes Payable
Interest Payable
Cash
Interest Payable
Notes Payable
Interest Expense
Cash
$28,665
$546,000
$574,665
$574,665
$574,665
$546,000
$28,665
$574,665
$19,110
$546,000
$9,555
$574,665
Shamrock County Bank agrees to lend the Crane Brick Company $546,000 on January 1. Crane Brick signs a $546,000, 7%, 9-month note. What entry will Crane Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?
Interest Expense
Notes Payable
$28,665
Cash
$574,665
Notes Payable
Cash
$574,665
$574,665
Notes Payable
$546,000
Interest Payable
$28,665
Cash
$574,665
Interest Payable
Notes Payable
$19,110
$546,000
Interest Expense
$9,555
Cash
$574,665