Question: On August 1, a $34,800, 7%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest

On August 1, a $34,800, 7%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $13.260.60. The entry to record the first payment on July 31 would include: Multiple Choice O Debit to Notes Payable of $13,260 60 Debit to Interest Expense of $2,436.00 Debit to Cash of $13.260 60 Credit to Notes Payable of $13.260 60 0 Credit to Cash $10.82460

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