On January 1, $51,000 cash is borrowed from a bank in return for a 5% installment note with 24 monthly payments of $2,237 each due at the end of the month. Required: Journalize the entries to record the following transactions: 1. Journalize the issuance of the note on January 1. 2. Journalize the entry to record the first monthly payment. Date Description Debit Credit