Problem 9-1B Record and analyze installment notes (LO9-2)

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On January 1, 2021, Stoops Entertainment purchases a building for $480,000, paying $100,000 down and borrowing the remaining $380,000, signing a 7%, 20-year mortgage. Installment payments of $2,946.14 are due at the end of each month, with the first payment due on January 31, 2021.

Problem 9-1B Part 3

3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Answer is complete but not entirely correct.

No	Date	General Journal	Debit	Credit
1	January 31, 2021	Interest Expenseselected answer correct	2,216.66selected answer incorrect	not attempted
		Notes Payableselected answer correct	2,946.14selected answer incorrect	not attempted
		Cashselected answer correct	not attempted	4,276.14selected answer incorrect