On January 1, 2024, Royal Paradise borrows $48,000 by agreeing to a 5%, five-year note with the bank. Loan payments of $905.82 are due at the end of each month with the first instaliment due on January 31, 2024. 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.) Journal entry worksheet On January 1, 2024, Royal Paradise borrows $48,000 by agreeing to a 5%, five-year note with the bank. Loan payments of $905.82 are due at the end of each month with the first installment due on January 31,2024. Required: Record the issuance of the instaliment 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 fleid.) Journal entry worksheet Record the first monthly payment. Noter Enter debits before credits. On January 1, 2024, Royal Paradise borrows $48,000 by agreeing to a 5%, five-year note with the bank. Loan payments of $905.82 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. (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.) Journal entry worksheet