Question: 1-On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2,000 installments on July

1-On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2,000 installments on July 1 of each succeeding year. Journalize required transactions on July, 1 2013. Journalize required transactions on Dec 31 2013 Journalize required transactions on July 1 2014. Show calculations

2-A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of interest expense recorded in the year 2016 is $

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