On November 1, 2021, Weller Industries, which uses a calendar year as its fiscal year, signs a $30,000, 7%, six-month note payable.Which of the following entries correctly records the payment of the note and entire interest on May 1, 2022?
A)Dr Notes Payable $30,000
Dr Interest Expense 700
Dr Interest Payable 350
Cr Cash $31,050
B)Dr Notes Payable $32,100
Cr Cash $32,100
C)Dr Notes Payable $31,050
Cr Cash $31,050
D)Dr Notes Payable $30,000
Dr Interest Expense 1,050
Cr Cash $31,050

Question

On November 1, 2021, Weller Industries, which uses a calendar year as its fiscal year, signs a $30,000, 7%, six-month note payable.Which of the following entries correctly records the payment of the note and entire interest on May 1, 2022?
A)Dr Notes Payable $30,000 
Dr Interest Expense 700
Dr Interest Payable 350
Cr Cash $31,050
B)Dr Notes Payable $32,100 
Cr Cash $32,100
C)Dr Notes Payable $31,050 
Cr Cash $31,050
D)Dr Notes Payable $30,000 
Dr Interest Expense 1,050
Cr Cash $31,050

Quizplus · Accepted Answer

The Answer of On November 1, 2021, Weller Industries, which uses a calendar year as its fiscal year, signs a $30,000, 7%, six-month note payable.Which of the following entries correctly records the payment of the note and entire interest on May 1, 2022?
A)Dr Notes Payable $30,000 
Dr Interest Expense 700
Dr Interest Payable 350
Cr Cash $31,050
B)Dr Notes Payable $32,100 
Cr Cash $32,100
C)Dr Notes Payable $31,050 
Cr Cash $31,050
D)Dr Notes Payable $30,000 
Dr Interest Expense 1,050
Cr Cash $31,050

On November 1, 2021, Weller Industries, Which Uses a Calendar