5 , with the Or 210 Accounts Payable 538 Store Supplies Expense 221 Salaries Payable 541 Bad Debt Expense 231 Sales Tax Payable 561 Depreciation Expense-Store Equipment 232 Interest Payable 562 Depreciation Expense-Office Equipment 241 Notes Payable. 590 Miscellaneous Expense 251 Bonds Payable 710 Interest Expense 252 Discount on Bonds Payable 711 Loss on Redemption of Bonds 253 Premium on Bonds Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 141 Office Supplies 142 Store Supplies 151 Prepaid Insurance 191 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITES 210 Accounts Payable 516 Cash Short and Over 521 Sales Salaries Expense 522 Otice Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense a. Joumalize the entries to record the following transactions. 1. Issued the installment note for cash co the first day of the fiscal year. The fiscal year of the company is the calendar year. 2. Paid the first annual payment on the note. Chart of Accounts EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322. Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capitai from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends On the first day of the fiscal year, Shiler Company borrowod $96,000 by piving a 7year, 4\% instatment note to Saros Bank. The pote requires annual puyments of $15,995, with the first payment occurring on the last day of the Sscal year. The frst payment consists of interest of $3,040 and principal ropayment of $12,155 Required: a Jounilite the entries to reoord the followicg transactions. 1. istued the instalment nole for cash on the fist day of ine sscal year. The fiscal year of the company is the calendar yeaw. 2. Pad the firat annual payment on the note. b. Explain how the notes payable would be reported on the Balance sheet at the end of me frat yat