Question 9 10 pt The journal entry to record a payment on an installment loan would be: debit to Interest Expense and Notes Payable and a credit to Cash a debit to Interest Expense and a credit to Cash and Notes Payable a debit to Cash, and credit to Interest Expense and Notes Payable a debit to Notes Payable and a credit to Interest Expense and Cash Question 10 10 pts On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the payment of the first annual amount due on the note would include a debit to Cash for $11.942 credit to Interest Payable for $11,550 debit to Notes Payable for $11,942 debit to Interest Expense for $23.492