Your answer is partially correct. Prepare the journal entries to record the first two interest payments. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit First interest Interest Expense Notes Payable Cash Second interest Interest Expense Notes Payable Cash