On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the bank. Loan payments of $967.23 are due at the end of each month with the first installment due on January 31, 2024. 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.) View transaction list Journal entry worksheet 1 2 3
On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the bank. Loan payments of $967.23 are due at the end of each month with the first installment due on January 31, 2024. 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.) View transaction list Journal entry worksheet 1 2 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please record the following journal entries:
A) Record issuance of a notes payable
B) record first monthly payment
C) Record Second Monthly payment
![On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the bank. Loan payments of $967.23
are due at the end of each month with the first installment due on January 31, 2024.
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.)
View transaction list
Journal entry worksheet
<
1
2
Record the second monthly payment.
Date
February 29, 2024
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2446d970-7eef-49bf-922a-9fcbe13cfbab%2F7856e9a9-b365-4e70-a392-8afa227e88b9%2F14o8bnf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the bank. Loan payments of $967.23
are due at the end of each month with the first installment due on January 31, 2024.
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.)
View transaction list
Journal entry worksheet
<
1
2
Record the second monthly payment.
Date
February 29, 2024
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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