On November 30, 2010, Central Food purchased two trucks for a total of $140,000, issuing a one-year, 6% note payable, all due at maturity. The interest on this loan is stated separately.
Refer to the above data. The December 31, 2010, adjusting entry for this note includes:
a A credit to Cash for $1,400.
b A credit to Interest Payable for $8,400.
c A credit to Interest Payable for $1,400.
d A credit to Interest Payable for $700.
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