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

question 121

Multiple Choice

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 recorded in Long-term notes payable and a second entry was made to reclassify the current portion.How will this information be shown on the balance sheet dated December 31,2013?

• A) $10,000 shown as current liability only
• B) $2,000 shown as current liability; $10,000 shown as long-term liability
• C) $2,000 shown as current liability; $8,000 shown as long-term liability
• D) The entire $10,000 shown as long-term liability

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