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Record the issuance of the installment note payable

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Reference no: EM133000494

Question - 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.

Reference no: EM133000494

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