On August 1, your company takes a $10,000 note that requires your firm to repay principal and accrued interest (8% per year) at the end of 4 years. If your comapny uses the accrual basis, which entry should you record at the end of this year?

		debit Interest Expense for $800; credit Interest Payable for $800
		debit Interest Expense for $800; credit Cash $800
		debit Interest Expense for $333; credit Interest Payable for $333
		no entry is necessary
		debit Interest Payable for $333; credit Interest Expense for $333