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