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:

Bartholin's Glands

Glands located on either side of the vaginal opening in females, responsible for secreting lubricating fluids.

DRE

Digital Rectal Examination; a medical procedure in which a doctor uses a finger to examine the lower rectum and other internal organs for abnormalities.

TURP

Stands for Transurethral Resection of the Prostate, a surgical procedure used to treat urinary problems due to an enlarged prostate.

Lubricating Fluid

A substance applied to minimize friction between surfaces in contact, reducing wear or heat generation.