On July 1, 2013, Avery Services Issued a Long-Term Note

question 42

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:

Phagocytic White Blood Cells

White blood cells that protect the body by ingesting harmful foreign particles, bacteria, and dead or dying cells.

Blood Vessels Dilate

The widening of blood vessels, which decreases blood pressure and allows for increased blood flow to different parts of the body.

Naturally Acquired Active Immunity

Immunity that develops after exposure to antigens from pathogens, resulting in the formation of antibodies and memory cells.

Immunization

The process by which an individual's immune system becomes fortified against an agent (known as the immunogen).