On March 1, 2015, Vinnie Services Issued a 5% Long-Term

question 96

True/False

On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $20,000. It is payable over a 10-year term in $2,000 principal installments on March 1 of each year, beginning March 1, 2016. Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period. The journal entry to pay the first installment will include a debit to the Interest Expense account for $1,000.

---

Definitions:

Transcendental Meditation

A form of silent mantra meditation developed by Maharishi Mahesh Yogi.

Positive Psychology

A branch of psychology focused on enhancing human strengths, virtues, and factors that contribute to a meaningful life.

Job Burnout

A state of physical or emotional exhaustion due to prolonged stress and frustration at work, often accompanied by feelings of reduced accomplishment and loss of personal identity.

Depersonalization

A psychological condition in which a person feels detached from their own thoughts, feelings, or sense of identity.