On January 1, 2024, Hometowne Construction financed the purchase of a new building by borrowing $611,000 from the bank using a 30-year, 6% note payable. Payments of $3,663.25 are due at the end of each month, with the first installment due on January 31, 2024. Record the issuance of the installment note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the issuance of the installment note payable. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal >
On January 1, 2024, Hometowne Construction financed the purchase of a new building by borrowing $611,000 from the bank using a 30-year, 6% note payable. Payments of $3,663.25 are due at the end of each month, with the first installment due on January 31, 2024. Record the issuance of the installment note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the issuance of the installment note payable. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, Hometowne Construction financed the purchase of a new building by borrowing $611,000 from the bank using a
30-year, 6% note payable. Payments of $3,663.25 are due at the end of each month, with the first installment due on January 31, 2024.
Record the issuance of the installment note payable and the first monthly payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.
Round your final answers to 2 decimal places.)
View transaction list
Journal entry worksheet
1
2
Record the issuance of the installment note payable.
Note: Enter debits before credits.
Date
January 01, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
Transcribed Image Text:On January 1, 2024, Hometowne Construction financed the purchase of a new building by borrowing $611,000 from the bank using a
30-year, 6% note payable. Payments of $3,663.25 are due at the end of each month, with the first installment due on January 31, 2024.
Record the issuance of the installment note payable and the first monthly payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.
Round your final answers to 2 decimal places.)
View transaction list
Journal entry worksheet
< 1 G
Record the first monthly payment.
Note Enter debits before cred ts,
Date
January 31, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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