M Chapter 9 Homework M Check Your Work O Rae Srem murd-Black Bee × × C ezto.mhed

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M Chapter 9 Homework M Check Your Work O Rae Srem murd-Black Bee × × C ezto.mheducation.com/hm.tpx On January 1, 2018, Tropical Paradise borrows $37,000 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 $613.20 are due at the end of each month with the first installment due on January 31, 2018 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.) View transaction list Journal entry worksheet Record the issuance of a note payable Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry Cloar ontry Viow general journal

Explanation / Answer

1-Janaury 2018 Cash    37,000.00 Note payable    37,000.00 31-Jan-18 Note payable ($613.20-$185)          428.20 Interest expense ($37,000*6%*1/12)          185.00 Cash          613.20 28-Feb-18 Note payable ($613.20-$182.86)          430.34 Interest expense (($37,000 - $428.20)*6%*1/12)          182.86 Cash          613.20

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