Help Save & Exit Sub On July 1 Shady Creek Resort borrowed $270,000 cash by signing a 10 year, 9% installment note requiring equal payments each June 30 of $42,071. What is the journal entry to record the first annual payment? Debit Cash $270000, debit Interest Expense $4207t credit Notes Payable $312.01 Debit Interest Expense $42.071, credit Cash $42071 Debit Interest Expense $24.300 credit Cash $24.300