On January 1, 2020, a pet store buys a new dog and cat washing station costing $7,000 with an 8.1% installment note. The note will be paid off with payments made at the end of each quarter over two years. Each payment is $956.60.

Complete the installment note schedule below, rounding all numbers to the nearest dollar:

PERIOD	CASH Payment	INTEREST EXPENSE	Reduction of N/P	N/P Balance
1/1/20				$7,000
3/31/20
6/30/20
9/30/20
12/31/20
3/31/21
6/30/21
9/30/21
12/31/21

What is the journal entry to record the purchase of the equipment on January 1, 2020?

What is the journal entry for March 31, 2021?