2 On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment View transaction list Journal entry worksheet 1 2 Record the first installment payment. Note: Enter debits before credits. Debit Credit Date General Journal January 31 Notes payable Interest expense Cash + On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment. View transaction list Journal entry worksheet 2 Record the issuance of the note payable. Note: Enter debits before credits. Debit Credit Date General Journal January 01 Cash Notes payable 50,000 50,000