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? multiple choice debit interest expense $37,258; credit cash $37,258. 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 $20,000; credit cash $20,000. debit interest expense $20,000; debit notes payable $17,258; credit cash $37,258.