On January $1,2024,$ Tropical Paradise borrows $$47,000$ by agreeing to a $6\%,$ six$-$year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $$778\mathrm{.}93$ are due at the end of each month, with the first installment due on January $31,2024.$

Required:

Record the issuance of the installment note payable and the first two monthly payments.

Note: 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.

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[8,1,$January $01,2024,$Cash,,$],[,,$Notes Payable,,$],[$l$,2,$January $31,2024,$Interest Expense,,$],[,,$Notes Payable,,$],[,,$Cash,,$],[,3,$February $29,2024,$Interest Expense,,$],[,,$Notes Payable,,$],[,,$Cash,,$]]$