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What is the journal entry to record the first annual payment

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Question - On July 1, Shady Creek Resort borrowed $420,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $65,444. What is the journal entry to record the first annual payment?

-Debit Interest Expense $37,800; debit Notes Payable $27,644; credit Cash $65,444.

-Debit Interest Expense $37,800; debit Interest Payable $27,644; credit Cash $65,444.

-Debit Interest Expense $65,444; credit Cash $65,444.

-Debit Cash $420,000; debit Interest Expense $65,444; credit Notes Payable $485,444.

-Debit Interest Expense $37,800; credit Cash $37,800.

Reference no: EM132846176

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