Journal entry worksheet 5 Eagle borrows $15,000 cash by signing a four-year, 7\% installment note. Record the issuance of the note on January 1,2021. Note: Enter debits before credits. Record the payment of the first installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. Record the payment of the second installment payment of interest and principal on December 31, 2022. ote: Enter debits before credits. Record the payment of the third installment payment of interest and principal on December 31, 2023. Note: Enter debits before credits. Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this entry.) ote: Enter debits before credits