On July 1,2013,Avery Services Issued a Long-Term Note Payable for $10,000.It

question 91

Essay

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.When the note was issued,the principal amount was initially recorded in Long-term notes payable.In addition,a second entry was made to reclassify the current portion.Please provide the journal entry needed for that reclassification.
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Definitions:

Investment Opportunity

A specific financial asset, product, or project that an individual, organization, or entity invests in with the expectation of generating a favorable future return.

Central Tendency

Statistical measures that describe the center or typical value of a dataset, including mean, median, and mode.

Expected Value

The weighted average of all possible outcomes of a random variable, with weights being their respective probabilities of occurrence.

Weighted Average

A calculation that takes into account the different weights or importance of some elements in a data set, providing a mean value that reflects these weights.