App Inc. borrowed $50,000 from PNC Bank on July 1, of the current year. The interest rate on the note is 8% and the note matures in six months. What is the journal entry made by App to record the note payable on July 1st? Select one: O a. Dr. Notes Payable $50,000. Cr. Cash $50,000 O b. Dr. Cash $50,000. Cr. Notes Payable $50,000 . Dr. Cash $50,000. Cr. Notes Receivable $50,000 O d. Dr. Notes Receivable $50,000. Cr. Cash $50,000 App Inc. borrowed $50,000 from PNC Bank on July 1 of the current year. The note earns interest at a rate of 8% and matures in six months. What is the journal entry to record the accrual of interest at December 31st of the current year? Select one: a. Dr. Interest Expense $4,000. Cr. Cash $4,000 O b. Dr. Interest Payable $4,000. Cr. Interest Expense $4,000 c. Dr. Interest Expense $2,000. Cr. Interest Payable $2,000 O d. Dr. Cash $2,000. Cr. Interest Payable $2,000