On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period. Please provide the journal entry needed on July 1, 2014 when the first installment payment is made.
Definitions:
Deactivator
In organic chemistry, a substance that reduces the reactivity of a catalyst or chemical reactant, often by adsorption or by changing its chemical nature.
O,p-director
Substituents in aromatic chemistry that direct incoming substituents to the ortho and para positions on a benzene ring.
Electrophilic Iodination
A chemical reaction involving the addition of an iodine atom to a substrate, typically facilitated by an electrophile.
Major Organic Product
Refers to the main product obtained in the highest yield from an organic reaction, distinguished from any side products or minor products.
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