On November 10,Twister Rides Issued a 14%,90-Day,$15,000 Promissory Note

On November 10,Twister Rides issued a 14%,90-day,$15,000 promissory note.Twister should record the payment of the note on the maturity day as:

A) debit Notes Payable $15,525; credit Cash $15,525.
B) debit Notes Payable $15,000; debit Interest Payable $525; credit Cash $15,525.
C) debit Notes Payable $15,000; debit Interest Expense $525; credit Cash $15,525.
D) debit Notes Payable $15,000; credit Cash $15,000.

Correct Answer:

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