During 2015, Sunrise Foods, Inc. records an interest expense of $5,000, and pays $2,000 of it in cash. How should this accounting transaction be recorded?

• Debit interest expense $5,000; credit cash $2,000; credit taxes payable $3,000
• Debit interest expense $5,000; credit cash $2,000; credit interest payable $3,000
• Debit various debt accounts $5,000; credit cash $2,000; credit interest payable $3,000
• Debit interest expense $5,000; credit cash $2,000; credit various debt accounts $3,000