On January $1,2024,$ Middling Company borrows $$34,000$ by agreeing to a $7\%,4-$year note with the bank. Payments of $$814\mathrm{.}17$ are due at the end of each month with the first installment due on January $31,2024.$

Required:

Record the issuance of the note payable and the first two monthly payments. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to $2$ decimal places.$)$

View journal entry worksheet

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[$i$,1,$January $01,2024,$Cash,,$],[,,$Notes Payable,,$],[0,2,$January $31,2024,$Interest Expense,,$],[,,$Notes Payable,,$],[,,$Cash,,$],[,,,,],[2,3,$February $28,2024,$Interest Expense,,$],[,,$Notes Payable,,$],[,,$Cash,,$]]$