Homework Check my work mode : This shows what is correct or incorrect for the work you have completed so far

Homework Check my work mode : 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 Prev 1 of 5 Next >