1) On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year
term in $2,000 principal installments on July 1 of each year. Which of the following entries needs to be made at
July 1, 2013 to reclassify
1) A $20,000, 3-month, 8% note payable was issued on November 1, 2015. Which of the following would be
included in the journal entry required on the note's maturity date?
A) A credit to Note payable for $20,400
B) A credit to Cash for $10,000
C) A de