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On January 1,$40,000 cash is borrowed from a bank in return for a 10% installment...

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Accounting

On January 1,$40,000 cash is borrowed from a bank in return for a 10% installment note with 36 monthly payments of $1,291 each.
(1) Prepare an amortization table for the first three months of this installment note.
(2) Record the entry for issuance of the note.
(3) Record the entry for the first interest payment and for the second interest payment.
Complete this question by entering your answers in the tabs below.
Record the entry for issuance of the note.
Journal entry worksheet
1
Record the entry for issuance of the note.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 01,,,]]
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