On September 1, 2024, Southwest Airlines borrows $41 million, and records the full amount as Notes Payable
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On September 1, 2024, Southwest Airlines borrows $41 million, and records the full amount as Notes Payable (long-term). On December 31, 2024 (balance sheet date), Southwest determines $10 million of the note is due next year, while the remaining $31 million is due in two years. Record the entry to reclassify the current portion of long-term debt.
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