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Moss County Bank agrees to lend the Windsor Company $650000 on January 1. Windsor Company signs a $650000, 6%, 9-month note.
Moss County Bank agrees to lend the Windsor Company $650000 on January 1. Windsor Company signs a $650000, 6%, 9-month note. Recording the pay off of the note and interest at maturity assuming that interest has been accrued to September 30 includes a(n)
Decrease to Notes Payable for $650000, decrease to Interest Payable for $29250, and a decrease to Cash for $679250.
Decrease to Notes Payable and to Cash for $679250.
Increase to Interest Expense for $29250, decrease to Notes Payable for $650000 and a decrease to Cash for $679250.
Decrease to Interest Payable for $
