On May 1, 2015, Vinnie Services Issued a Long-Term Notes

question 115

Essay

On May 1, 2015, Vinnie Services issued a long-term notes payable for $35,000. It is payable over a 5-year term in $7,000 annual principal payments plus interest, on May 1 of each year beginning on May 1, 2016. Provide the initial journal entry for the issuance of the note.

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Definitions:

Replication

Repeating a research study to determine whether the results can be duplicated.

External Validity

The extent to which the results of a study can be generalized to other situations, populations, or settings beyond the study itself.

Fraudulence

The intentional deception for personal gain or to damage another individual, which is unethical and illegal in most cases.

Authenticity

The state or quality of being genuine, reliable, or true to its nature or origins.