2 4 pts Mitch Company purchases equipment for $20,500, paying $5,000 in cash and the rest on account. Which of the following journal entries is recorded correctly? ODR: Equipment $20,500, CR Accounts Payable $20.500 O DR: Equipment $20,500, CR: $5,000 Cash and Accounts Payable $15.500 O None of the answers provided DR Equipment $20.500: CR: Cash $20,500 O DR: Equipment $20.500, CR: $5.000 Cash and Accounts Receivable $15,500 Question 3 4 pts. Melody Company borrowed $1.32.000 by sining a 1-year, 12%, note payable on July 1, 2030. Interests will be collected at the maturity date. Melody Company records adjusting entries and prepares financial statements at the end of each month. The appropriate adjusting journal entry to be made by Melody Company at the end of July 31 would be DR: Interest Expense $15.840, CR Interest Payable $15.040 O DC Interest Expense $1,320, CR Interest Payable $1,120