Keith Company paid Major Company for merchandise with a $8,000, 60-day, 9% note dated April 1. If Keith Company pays the note at maturity, what entry should Major make at that time?
Select one:
A.
Notes payable
8,000
Interest expense
720
Cash
8,720
B.
Cash
8,720
Interest income
720
Notes receivable
8,000
C.
Notes payable
7,880
Interest expense
120
Cash
8,000
D.
Cash
8,120
Interest income
120
Notes receivable
8,000
D.
Cash
8,120
Interest income
120
Notes receivable
8,000
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