14 On July 1, Shady Creek Resort borrowed $310,000 cash by signing a 10-year, 9% Installment note requiring equal payments each June 30 of $48,304. What is the journal entry to record the first annual payment? points (8 01:57:27 ) Debit Cash $310,000; debit Interest Expense 548,304; credit Notes Payable $358,304 O Debit Interest Expense $27.900: credit Cash $27.900. O Debit Interest Expense $48,304; credit Cash $48,304 Debit Interest Expense $27.900; debit Notes Payable $20,404; credit Cash $48,304 Debit Interest Expense $27.900; debit Interest Payable $20,404; credit Cash $48,304