The entry to record the payment

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Reference no: EM13660062

A business borrowed $57,177 on March 1 of the current year by signing a 30 day, 8% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a
debit to Interest Payable $381
debit to Interest Expense $381
credit to Cash for $57,177
credit to Cash for $61,751

Reference no: EM13660062

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