item2 time remaining 1 hour 4 minutes 50 seconds01:04:50 item 2 time remaining 1 hour 4 minutes 50 seconds01:04:50 on july 1, shady creek resort borrowed $420,000 cash by signing a 10-year, 9% installment note requiring equal payments each june 30 of $65,444. what is the journal entry to record the first annual payment? multiple choice debit interest expense $37,800; debit notes payable $27,644; credit cash $65,444. debit interest expense $37,800; debit interest payable $27,644; credit cash $65,444. debit interest expense $65,444; credit cash $65,444. debit interest expense $37,800; credit cash $37,800. debit cash $420,000; debit interest expense $65,444; credit notes payable $485,444.
