On August 1, 2020, Ascent Corp. borrowed $50,000 cash on an 8-month note payable with a 6% annual rate that requires Ascent to pay all the interest and principal on April 1, 2021. Assuming the necessary adjusting entry to acrrue interest expense was properly recorded on December 31, 2020, the journal entriy to record the payment of interest on April 1, 2021 will include a (Round to the nearest whole dollar, if necessary):

Multiple Choice

• debit to Interest Expense for $2,000.

• debit to Interest Payable for $1,875.

• credit to Interest Expense for $750.

• credit to Cash for $750.

• debit to Interest Payable for $1,250.