A company has a Note Payable of $$10,000$ with annual interest of $5\%.$ The interest expense for one month would be recorded as:

Group of answer choices

Debit Interest Expense $$41\mathrm{.}67$ and credit Interest Payable $$41\mathrm{.}67.$

Debit Cash $$41\mathrm{.}67$ and credit Interest Expense $$41\mathrm{.}67.$

Debit Interest Expense $$500$ and credit Cash $$500.$

Debit Interest Payable $$41\mathrm{.}67$ and credit Interest Expense $$41\mathrm{.}67.$

Debit Note Payable $$41\mathrm{.}67$ and credit Interest Expense $$41\mathrm{.}67.$