Crowley Corporation Purchased a Building on January 2 by Signing $\begin{array}{l}\text { Mortgage Interest Expense } &5,000\\\text { Cash }&&5,000\end{array}$

Crowley Corporation purchased a building on January 2 by signing a long-term $600,000 mortgage with monthly payments of $5,500.The mortgage carries an interest rate of 10 percent.The entry to record the first monthly payment will be:

A)
$\begin{array}{l}\text { Mortgage Interest Expense } &5,000\\\text { Cash }&&5,000\end{array}$

B)
$\begin{array} { l c r } \text { Mortgage Payable } & 500 \\\text { Mortgage Interest Expense } & 5,000 & \\\quad \text { Cash } & & 5,500\end{array}$
C)
$\begin{array}{l}\text { Cash } &5,000\\\text { Mortgage Interest Expense}&&5,000 \end{array}$

D)
$\begin{array}{l}\text { Cash } &5,000\\\text { Mortgage Payble}&&5,000 \end{array}$