$3$

On January $1,2024,$ Patty's Pasties borrows $$18,000$ to purchase a delivery truck by agreeing to a $7\%,$ four$-$year loan with the bank. Payments of $$431\mathrm{.}03$ are due at the end of each month, with the first installment due on January $31,2024.$

$2$

How will the issuance of the note payable and the first monthly payment affect the financial statements?

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Jan $1$

Jan $31$

How will the first monthly payment affect the financial statements?

Jan $1$