A Business Makes a Payment of $1,400 on a Note

Multiple Choice

A business makes a payment of $1,400 on a note payable.Which of the following journal entries would be recorded?

A) Cash is credited and Notes Payable is debited for $1,400.
B) Notes Payable is credited and Cash is debited for $1,400.
C) Cash is credited and Financing Expense is debited for $1,400.
D) Cash is debited and Financing Revenue is credited for $1,400.