Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by...
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Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. 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.) View transaction lat Journal entry worksheet Record the second monthly payment. Note: Enter debits before credits Date Credit General Journal February 28, 2021 Interest Expense Notes Payable Cash Debit 205.04 761.191 967.23 Record entry Clear entry View general Journal
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