A firm purchased equipment for $82,000 paying $22,000 cash and issued a 5%, 60-day note for the remaining balance. The journal entry to record the payment of the note at maturity is

Multiple Choice

debit Notes Payable for $82,000 and debit Interest Expense for $500 and credit Cash for $82,500.

debit Notes Payable for $60,000 and debit Interest Expense for $500 and credit Cash for $60,500.

debit Notes Payable for $60,000 and credit Cash for $60,000.

debit Equipment for $82,000; credit Cash $22,000 and credit Notes Payable for $60,000.