Module 3/Chapter 9b Saved Help Exercise 9-2B Record installment notes (LO9-2) 2 On January 1, Year 1, a company borrows $44,000 by agreeing to a 6%, six-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 $729.21 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 View journal entry worksheet X References No Date General Journal Debit Credit 1 January 01 44,000.00 Cash Notes Payable 44,000.00 2 January 31 Interest Expense Notes Payable Cash 220.00 509.21 729.21 3 3 February 28 Interest Expense Notes Payable Cash 729.21