On 1 March 2017,Vinnie Services Issued a 9% Long-Term Note $$\begin{array} { | c | l | l | } \hline \text { Long-term note payable } & \$ 7000 & \\\hline \text { Cash } & & 7000 \\\hline\end{array}$$

question 39

Multiple Choice

On 1 March 2017,Vinnie Services issued a 9% long-term note payable for $21,000.It is payable over a 3-year term in $7000 principal instalments on 1 March of each year,beginning 1 March 2018.Which of the following entries needs to be made at 1 March 2017?

• A) \[\begin{array} { | c | l | l | }
• \hline \text { Long-term note payable } & \$ 7000 & \\
• \hline \text { Cash } & & 7000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | l | l | }
• \hline \text { Long-term note payable } & \$ 21,000 & \\
• \hline \text { Accounts payable } & & 21,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | l | }
• \hline \text { Cash } & \$ 21,000 & \\
• \hline \text { Long-term note payable } & & 21,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | l | l | }
• \hline \text { Current portion of long-term note payable } & \$ 21,000 & \\
• \hline \text { Long-term note payable } & & 21,000 \\
• \hline
• \end{array}\]

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