I need to journalize a lank loan of $50,000.00 with an annual interest 9.5%. I am unsure of how to record the interest. I believe the bank loan should be journalized as Debit - Bank, Credit - Bank Loan Payable, but not sure where to allocate the interest.

Thanks.

For receipt of money and signing a bank loan your accounts will be:
Cash and Notes Payable

Upon issuance the interest is not recorded. It will be recorded at the end of the accounting period and or when it is due.

To record the interest due:
Interest Expense and Interest Payable