Question: On March 1, 2018, Lewis Services issued a 8% long-term notes payable for $20,000. It is payable over a 5-year term in $4,000 principal installments
On March 1, 2018, Lewis Services issued a 8% long-term notes payable for $20,000. It is payable over a 5-year term in $4,000 principal installments on March 1 of each year, beginning March 1, 2019. Which of the following entries needs to be made on March 1, 2018? 20,000 20,000 20,000 20,000 O A. Cash Long-Term Notes Payable OB. Current Portion of Long-Term Notes Payable Long-Term Notes Payable O C. Long-Term Notes Payable Accounts Payable D. Long-Term Notes Payable Cash 20,000 20,000 4,000 4,000 Click to select your
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
