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question 1 installment notes on january 1 2018 julee enterprises borrows 30 000 from 4286970

Question

1. Installment Notes On January 1, 2018, Julee Enterprises borrows $30,000 from a bank by agreeing to a 6%, 4-year note with the bank. Payments of $704.55 are due at the end of each month with the first installment due on January 31, 2018. Use this information to answer questions Q1-Q3.

Q1. Prepare journal entries for the following events:1) Record the issuance of the note payable. 2) Record the first two monthly payments. 

Q2. What is the carrying value of the notes on January 31, 2018 and on February 28, 2018, respectively?

Q3. Is the carrying value of the note increasing or decreasing over time?

 

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