Entries for installment note transactions Instructions Chart of Accounts Journal Instructions Journal On January 1, Year 1, Luzak Company issued a $184,000, five-year, 8% installment note to McGee Bank. The note requires annual payments of $46,084, beginning on December 31, Year 1 Journalize the entries to record the transactions. Refer to the Chart of Accounts Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL DATE DESCRIPTION Year 1 Jan. Dec. 1 Issued the note for cash at its face amount Paid the annual payment on the note, which consisted of interest of $14,720 and principal of $31,364 31 Year 4 Dec. 31 Paid the annual payment on the note, which included $6,574 of interest. The remainder of the payment reduced the principal balance on the