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On January 1, 2024, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note...

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Question

Accounting

On January 1, 2024, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2024.

Required:

Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

  • Record the second monthly payment.

Date General entry Debit Credit
Februrary 29th 2024
  • Record the first monthly payment.
Date General entry Debit Credit
January 31st 2024
  • Record the issuance of a note payable.
Date General entry Debit Credit
January 01 2024

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