On July 1,Shady Creek Resort Borrowed $250,000 Cash by Signing

Multiple Choice

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 appropriate journal entry to record the issuance of the note?

A) Debit Cash $250,000;debit Interest Expense $37,258;credit Notes Payable $287,258.
B) Debit Notes Payable $250,000;credit Cash $250,000.
C) Debit Cash $37,258;credit Notes Payable $37,258.
D) Debit Cash $250,000;credit Notes Payable $250,000.
E) Debit Cash $287,258;credit Interest Payable $37,258;credit Notes Payable $250,000.