Question 19 4 pts On July 1, Shady Creely Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What is the journal entry to record the first annual payment? Debit Cash $250,000; debit Interest Expense $37,258; credit Notes Payable $287,258. Debit Interest Expense $20,000; debit Interest Payable $17,258; credit Cash $37,258. O Debit Interest Expense $37,258; credit Cash $37,258. Debit Interest Expense $20,000; credit Cash $20,000. Debit Interest Expense $20,000; debit Notes Payable $17,258; credit Cash $37,258.

Question 19 4 pts On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What is the journal entry to record the first annual payment? Debit Cash $250,000; debit Interest Expense $37.258; credit Notes Payable $287,258. Debit Interest Expense $20,000; debit Interest Payable $17,258; credit Cash $37,258. Debit Interest Expense $37,258; credit Cash $37,258. O Debit Interest Expense $20,000; credit Cash $20,000. Debit Interest Expense $20,000; debit Notes Payable $17,258; credit Cash $37,258.