On January 1, Year 1, Stratton Company borrowed S100 000 on a 10-year 7% installment note payable. The terms of the note re required general journal entry to record the first payment on the note on December 31, Year 1 is Multiple Choice 052 22 Debit Notes Payable $10,000, debit Interest Expense $7000, crecit Cash $17000 Debit Interest Expense $7000: debit Notes Payable $7.238credt Cash $14.238 Debit Notes Payable 4238; credit Cash $14,238 Debit Notes Payable $10.000, debit Interest Expense $4238 credit Cash $14.238 Debit Notes Payable $7000, debit Interest Expense $7.238, crecit Cash $14.238