Exercise 9-2B Record installment notes (LO9-2) 2 On January 1, Year 1, a company borrows $42,000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first installment due on January 31, Year 1. 2 points Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Print View transaction list Reference Journal entry worksheet Record the issuance of a note payable. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry View general journal Clear entry Journal entry worksheet Record the first monthly payment. Note: Enter debits before credits. General Journal Debit Credit Date January 31 Record entry View general journal Clear entry Journal entry worksheet Record the second monthly payment. Note: Enter debits before credits. General Journal Debit Credit Date February 28 Record entry View general journal Clear entry