Martinez co. Borrowed $50,000 on march 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on april 30, the entry to record the payment should include a:.

The answer is Letter D, debit to interest expense for $750.

The solution for this problem is Interest = Principle x Rate x Time

Interest = $50,000 x 0.09 x 60 days / 360 days

            = $750

It is not lettered A because the normal side of liability is credit and there was no previous record of interest payable, so you can't reverse the entry if you will pay for the interest.

It is not lettered B because the $54,000 exceeds the amount actually borrowed plus the interest which is $750.

It is not lettered C because the amount you would actually pay is $50,750.

It is letter D because you'll have to debit the Interest Expense which is the normal side of an expense account in order to know the charge of the debt that has occurred during the 60 days.

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