Record the issuance of the installment note payable

Reference no: EM131521752

Question: On January 1, 2012, Tropical Paradise borrows $40,000 by agreeing to a 6%, fiveyear 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 $773.31 are due at the end of each month with the first installment due on January 31, 2012.

Required: Record the issuance of the installment note payable and the first two monthly payments.

Reference no: EM131521752

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