Entries for installment note transactions Instructions Chart of Accounts Journal Final Question Instructions On the first day of the fiscal year, Shiller Company borrowed $53,000 by giving a seven-year, 11% installment note to Soros Bank. The note requires annual payments of $11,247, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,830 and principal repayment of $5,417 Required: a Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 1. Issued the installment note for cash on the first day of the fiscal year 2. Paid the first annual payment on the note b. Explain how the notes payable would be reported on the balance sheet at the end of the first year. Instructions Journal Shaded cells have feedback. a Journalize the entries to record the selected transactions. Refer to the Chart of Accounts for exact wording of account titles, Question not attempted JOURNAL Score: 0/63 ACCOUNTING DATE DESCRIPTION POST, REF DEBIT CREDIT ASSETS LIABILE 1 2 1 5