Flamingo Company borrows $30,000 using a five-year, long-term installment note payable. The rate on the note is 5 percent and Flamingo agrees to make monthly payments of $566.14. When Flamingo records it first payment on the note payable, what will the journal entry look like (without the numbers).

Question 5 options:

	Debit Notes Payable Credit Cash Credit Interest Payable
	Debit Interest Expense Credit Notes Payable Credit Cash
	Debit Interest Expense Debit Notes Payable Credit Cash
	Debit Cash Debit Interest Expense Credit Notes Payable