On January 1, 2012, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander 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, 2012. Record the issuance of the note payable and the first two monthly payments.

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The Answer of On January 1, 2012, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander 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, 2012. Record the issuance of the note payable and the first two monthly payments.

On January 1, 2012, Julee Enterprises Borrows $30,000 to Purchase