On January 1, 2021, Bob's Bikes borrowed $50,000 from the bank for a two-year period. The bank loan is due at maturity but monthly interest payments of $375 are due at the end each quarter to the bank. Bob's Bikes prepares adjusting entries monthly. On March 31, when the first interest instalment was paid, which of the following entries is correct? Interest Expense 375 Interest Payable 750 1,125 Interest Expense 375 Interest Payable 750 Interest Expense 1,125 Interest Payable 750 Cash Accounts Payable Cash Cash 1,125 750 1,125