On March 1, Brutto Corp

Multiple Choice

On March 1, Brutto Corp.issues a 3 year 5%, $60,000 note payable.The terms of the note include equal monthly instalment payments of $1,799.The entry to record the second instalment payment will include a

A) debit to Notes Payable of $1,555.
B) debit to Cash of $1,799.
C) debit to Interest Expense of $250.
D) credit to Interest Expense of $244.