On March 1,a Firm Purchased Equipment for $5,000,signing a 30-Day

Multiple Choice

On March 1,a firm purchased equipment for $5,000,signing a 30-day note bearing interest at 12 percent a year.The entry to record the payment of the amount due on March 31 will include a debit to Notes Payable for

A) $5,050 and a credit to Cash for $5,050.
B) $5,000 and a credit to Cash for $5,000.
C) $5,000,a debit to Interest Expense for $50,and a credit to Cash for $5,050.
D) $5,000,a debit to Interest Expense for $600,and a credit to Cash for $5,600.