Maritimes Co. borrowed $40,000 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry torecordthe payment should include a:

Select one:

a.debit to Interest Expense for $533.33

b.credit to Cash for $50,000

c.credit to Cash for $54,500

d.debit to Interest Payable for $333.33