Question: On January 31 of this year, the company borrowed $3,000 cash from the local bank. On December 31 of this year, the company is repaying

On January 31 of this year, the company borrowed $3,000 cash from the local bank. On December 31 of this year, the company is repaying the bank the $3,000 loan plus $250 in interest. Which ONE of the following would be included in the journal entry necessary to record this $3,250 cash repayment? Group of answer choices A DEBIT to Retained Earnings for $3,250 A CREDIT to Interest Expense for $3,250 A DEBIT to Loans Payable for $3,000 A CREDIT to Loans Payable for $3,000 A DEBIT to Interest Expense for $3,250

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