Question: On January 1 , $ 5 6 , 0 0 0 cash is borrowed from a bank in return for a 5 % installment note

On January 1,$56,000 cash is borrowed from a bank in return for a 5% installment note with 24 monthly payments of $2,457 each. Note: Round your answers to the nearest whole dollars.
Prepare the journal entry to record the issuance of the note.
Prepare the journal entry to record the first monthly interest payment.
Journal entry worksheet
1
Record the first installment payment.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 31,,,],[,,,],[,,,],[,,,],[,,,]]
On January 1,$56,000 cash is borrowed from a bank in return

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