Question

Moss County Bank agrees to lend the Sadowski Brick Company $300,000 on January 1. Sadowski Brick Company signs a $300,000, 6%, 9-month note. What entry will Sadowski Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30

Answer 1

Following are the responses to the given question:

Step-by-step explanation:

`Notes\ \ Payable.............................. 300,000\\\\Interest\ \ Payable....................... 13,500\\\\Cash ..................................... 313,500`