On January 1, 2024, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with...
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On January 1, 2024, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-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 $773.31 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. Note: 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 list Journal entry worksheet < 1 2 3 Record the issuance of a note payable. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 3 Record the first monthly payment. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 < 1 Record the second monthly payment. Note: Enter debits before credits. Date February 29, 2024 General Journal Debit Credit Record entry Clear entry View general journal On January 1, 2024, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-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 $773.31 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. Note: 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 list Journal entry worksheet < 1 2 3 Record the issuance of a note payable. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 3 Record the first monthly payment. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 < 1 Record the second monthly payment. Note: Enter debits before credits. Date February 29, 2024 General Journal Debit Credit Record entry Clear entry View general journal
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