On January 1, 2021, Tropical Paradise borrows $46,000 by agreeing to a 6%, five-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 $889.31 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.
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On January 1, 2021, Tropical Paradise borrows $46,000 by agreeing to a 6%, five-year note with the b...
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