Select the correct answer related to the amortization of a note payable issued for $20,000 borrowed from the Best Bank by signing a 6%, 5-year note with annual payments in the amount of $4,748. What is the entry when the note is issued(the money is borrowed)? Debit Cash $20,000, Credit Notes Payable $20,000 Credit Cash $20,000, Debit Bonds Payable $20,000 Debit Cash $32,000, Credit Notes Payable $20,000, Credit Interest Expense$12,000 No entry is made QUESTION 26 What is the entry when the first payment on the note is made? Credit Cash $4,748, Debit Notes Payable $4,748 Debit Cash $4,748, Credit Notes Payable $4,748 Debit Notes Payable $1,200, Debit Interest Expense $3,548, Credit Cash $4,748, Debit Interest Expense $1,200, Debit Note Payable $548 Credit Cash $4,748