On August 1, a $33,600, 9%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $13,273.84. The entry to record the first payment on July 31 would include:
A. Debit to Notes Payable of $13,273.84
B. Credit to Notes Payable of $13,273.84
C. Debit to Cash of $13,273.84.
D. Debit to Interest Expense of $3024.00.
E. Credit to Cash $10,249.84
Answer: D
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