The journal entry to record the payment of an ordinary note is:
A) debit Cash; credit Notes Payable.
B) debit Cash; credit Accounts Payable.
C) debit Notes Payable and Interest Expense; credit Cash.
D) debit Notes Payable and Interest Receivable; credit Cash.

Question

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When paying off an ordinary note, you debit Notes Payable to remove the liability and debit Interest Expense for the interest cost, then credit Cash to reflect the payment.

The Journal Entry to Record the Payment of an Ordinary