On July 1,2013,Avery Services Issued a 4% Long-Term Note Payable

question 7

True/False

On July 1,2013,Avery Services issued a 4% long-term note payable for $10,000.It is payable over a 5-year term in $2,000 principal installments on July 1 of each year.Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period.On July 1,2014,after the first installment payment is made,Avery will have to reclassify an additional $2,000 from long-term notes payable to the current portion of long-term notes payable.

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Definitions:

Token Economy

A behavioral modification technique using tokens as a form of reinforcement for desirable behaviors, which can be exchanged for rewards.

Systematic Desensitization

A behavioral therapy technique used to help individuals gradually overcome phobias and anxiety through controlled exposure to the fear stimulus while in a relaxed state.

Role Playing

A method or technique used in teaching and therapy that involves assuming a role and acting it out in a realistic scenario for learning or behavioral modification.

Dream Interpretation

A practice that involves analyzing the content of dreams to uncover hidden meanings or insights, often linked with psychological theories.