On August $1,$ a $$37,200,9\%,3-$year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of

$$14,696\mathrm{.}04.$ The entry to record the first payment on July $31$ would include:

Multiple Choice

Debit to Notes Payable of $$14,696\mathrm{.}04$

Debit to Interest Expense of $$3,348\mathrm{.}00.$

Debit to Cash of $$14,696\mathrm{.}04.$

Credit to Notes Payable of $$14,696\mathrm{.}04$

Credit to Cash $$11,348\mathrm{.}04$