Problem
Prepare the journal entry on May 1 to record the payment of principal and interest. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. There are three debit accounts and one credit account. What ALORE accounts does this transaction effect?