Tompkins Corporation purchased a building on January 1 by signing a long-term $600,000 mortgage with monthly payments of $5,500. The mortgage carries an annual interest rate of 10 percent.

The entry to record the first monthly payment would include

Group of answer choices

a) a credit to the Cash account for $5,000.

b) a debit to the Interest Expense account for $5,000.

c) a debit to the Cash account for $5,500.

d) a credit to the Mortgage Payable account for $5,500.