question archive This shows what is correct or incorrect for the work you have completed so far
This shows what is correct or incorrect for the work you have completed so far
Subject:AccountingPrice: Bought3
This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to On January 1, 2021. Tropical Paradise borrows $50,000 by agreeing to a 6%, six-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 $828.64 are due at the end of each month with the first installment due on January 31, 2021 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) Answer is not complete. No General Journal Credit Date January 01, 2021 Cash Notes Payable Debit 50,000.00 1 50,000.00 2 January 31, 2021 Notes Payable Interest Expense Cash 250.00 578.643 82664 3 February 28, 2021 Notes Payable Interest Expense 58153 247.11
