The statement is a company took out a 9 month 75 40000

Reference no: EM13566164

The statement is " A company took out a 9 month, 7.5% $40,000 note on december 1, 2014 with interest and principal to be paid on maturity.

Since its an adjusting entry, would I note debit cash and credit notes payable for the full amount and just debit interest expense and credit interest payable for the 250?? or is that not right either?

Reference no: EM13566164

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