Question: On August 1, a $43,200,8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of

On August 1, a $43,200,8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $16,763.05. The entry to record the first payment on July 31 would include: Multiple Choice Debit to interest Expense of $3,456.00 Credit to Notes Payable of 516,76305 Debit to Cash of $16.76305 Debit to Notes Puyble of $16.763 0 Oudew Con 03.30706

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