Question: Exercise 9-2 (Algo) Record installment notes (LO9-2) On January 1, 2024, Royal Paradise borrows $32,000 by agreeing to a 6%, five-year note with the bank.

Exercise 9-2 (Algo) Record installment notes (LO9-2)

On January 1, 2024, Royal Paradise borrows $32,000 by agreeing to a 6%, five-year note with the bank. Loan payments of $618.65 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. (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.)

Exercise 9-2 (Algo) Record installment notes (LO9-2) On January 1,2024 , Royal Paradise borrows $32,000 by agreeing to a 6%, five-year note with the bank. Loan payments of $618.65 are due at the end of each month with the first installment due on January 31,2024. Required: Record the issuance of the instaliment 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.) Answer is complete but not entirely correct

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