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Hi, I am doing Journal entries for business transactions, but I am confused by one. 9/6/19

Hi, I am doing Journal entries for business transactions, but I am confused by one. 9/6/19

Hi, I am doing Journal entries for business transactions, but I am confused by one. 9/6/19 Tucker Boats(Retail sales outlet for water ski and fishing boats) purchased boat moving equipment, office furniture, and boat repair machinery. Tucker Boats paid $6,880 in cash and signed a four yer 9.6%, $20,000 installment note payable to First National Bank. Equal monthly principal and interest payments of $503.42 are due the 5th of each month beginning October 6.(Note assumes a 360 day year and 30 days of interest charged for each full month. Months with 31 days accrue only 30 days  of interest, but so does September. The date  the loan is signed bears interest. Interest is accrued to the nearest penny.) Can you help me make this Journal entry?

 
manish jayant 10-Sep-2020

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