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:

Conform

To conform means to adjust one's behaviors, beliefs, or actions to align with group norms or expectations.

Inner Self

A person's true or internal identity, feelings, or beliefs, often contrasted with their external persona.

Frustration

A feeling of dissatisfaction or annoyance arising from unmet expectations or obstacles.

Unconscious Conflicts

Hidden internal struggles or tensions between different parts of an individual's psyche, which influence behavior and emotions without the individual's awareness.