Melanie Corp. borrowed $101,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the note on August 31, 2020? Multiple Choice     Interest payable2,020 Notes payable101,000 Cash 103,020     Notes payable101,000 Interest expense6,060 Cash 107,060     Interest expense6,060 Cash 6,060     Interest expense4,040 Interest payable2,020 Notes payable101,000 Cash 107,060

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A:

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A: Interest expense at December 31, 2021 = Notes payable x rate of interest x no. of months / 12 months

Q: Please help

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A:

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A: Option (A) $2,380 is the correct answer.

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A: Answer:   $12,250

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A: The accrued interest is the interest due for payment but not paid yet.

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A: Since you have asked multiple questions we will solve the first question for you as per the policy.…

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…