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On January 1, 2018, Tropical Paradise borrows $32,000 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 $618.65 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 3 Record the issuance of a note payable. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal