Thayer Company Purchased a Building on January 2 by Signing

Multiple Choice

Thayer Company purchased a building on January 2 by signing a long-term $3,360,000 mortgage with monthly payments of $30,800.The mortgage carries an interest rate of 10 percent.The entry to record the mortgage will include a

A) debit to the Cash account for $3,360,000.
B) credit to the Cash account for $3,360,000.
C) debit to the Mortgage Payable account for $3,360,000.
D) credit to the Mortgage Payable account for $3,360,000.