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Which of the following would be the required journal entry

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Target Corp. borrowed $106,000 cash on September 1, 2014, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2015. Assume that the appropriate adjusting entry was made on December 31, 2014 and that no adjusting entries have been made during 2015. Which of the following would be the required journal entry to pay the note on August 31, 2015?

a. Interest expense 6,360

Cash  6,360

b. Interest payable 2,120

Notes payable 106,000

Cash 108,120

c. Notes payable 106,000

Interest expense 6,360

Cash 112,360

d.Interest Expense -4240

interest payable 2120

notes payable 106000

cash 112,360

Reference no: EM132318594

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