1. On January 1, 2024, Middling Company borrows $32,000 by agreeing to a 5%, 4-year note with the bank "Payments of $736.94 aredue at the end of each month with the first installment due on January 31, 2024.Required:Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Roundyour answers to 2 decimal places.)View transaction listJournal entry worksheet12Record the issuance of the note payable on January 1, 2024.3Note: Enter debits before credits.DateJanuary 01, 2024Record entryGeneral JournalClear entryDebitCredit>View general journal

Answer : Date Journal Debit Credit January 1,2024 Cash a/c Dr. $32,000 To notes payable…

at the end of each month with the first installment due on Ja ired: d the issuance of the note payable and the first two month action/event, select "No Journal Entry Required" in the fir answers to 2 decimal places.)

at the end of each month with the first installment due on Ja ired: d the issuance of the note payable and the first two month action/event, select "No Journal Entry Required" in the fir answers to 2 decimal places.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...

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Question

On January 1, 2024, Middling Company borrows $32,000 by agreeing to a 5%, 4-year note with the bank "Payments of $736.94 are
due at the end of each month with the first installment due on January 31, 2024.
Required:
Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round
your answers to 2 decimal places.)
View transaction list
Journal entry worksheet
1
2
Record the issuance of the note payable on January 1, 2024.
3
Note: Enter debits before credits.
Date
January 01, 2024
Record entry
General Journal
Clear entry
Debit
Credit
>
View general journal

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