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Prepare the journal entry to record the issuance of the note

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Reference no: EM133077056

Question - On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each.

Required -

1. Prepare the journal entry to record the issuance of the note.

2. Prepare the journal entry to record the first monthly interest payment.

Reference no: EM133077056

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