Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822. a. Journalize the entries to record the following: 1. Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank. Cash Notes Payable 69,000 69,000 X Feedback Check My Work Record the issuance by debiting Cash and crediting Notes Payable. 2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. Interest Expense Notes Payable Cash 88 Feedback