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.

Cash is credited and Financing Expense is debited for $1,400.

C.

Notes Payable is credited and Cash is debited for $1,400.

D.

Cash is debited and Financing Revenue is credited for $1,400.