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What the journal entry to record the note on january

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Question - ABC Company signed a note payable with XYZ Company on January 1, 2020. ABC borrowed $3000 from XYZ at a rate of 5%. Both interest and principal are payable on June 30, 2020. What the journal entry to record the note on January 1, 2020 for ABC Company?

a. Debit Note Payable $3000, Credit Cash $3000

b. Debit Note Payable $3075, Credit Cash $3075

c. Debit Cash $3075, Credit Note Payable $3075

d. Debit Cash $3000, Credit Note Payable $3000

Reference no: EM133100367

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