accounts question

You qualified for a student loan in the amount of $18,000. Once you graduate, you are required to repay this loan over 10 years at a rate of interest of 7 percent. The monthly interest and principal repayments are calculated like a mortgage. The following table illustrates the first four payments beginning December 1, 2020. (Click the icon to view the loan payment schedule.) Using the information from the table, record the journal entry for the January 1, 2021, loan payment. Record the journal entry for the January 1, 2021, loan payment. (Record debits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest cent.) Journal Entry Loan payment schedule - X Date Accounts Debit Credit i Jan Student Loan Payments Blended Beginning Monthly Loan Interest Principal Ending Period Balance Payment Expense Payment Balance Cash Common Shares Nov. 1, 2020 $ 18,000.00 Interest Expense Dec 1, 2020 $ 18,000.00 S 209 00 S 105 00 $ 104.00 17,896.00 Interest Payable Jan. 1, 2021 17 896.00 209.00 104 39 104 61 17,791 39 Loan Payable Feb 1, 2021 17,791.39 209 00 103 78 105.22 17,686.17 Mar. 1, 2021 17 686 17 209 00 103.17 105.83 17,580.34 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? Clear All Check Answer All parts showing 8:09 PM Type here to search O e 2020-05-30