On March 1,2018,Everson Services Issued a 4% Long-Term Notes Payable

question 154

Multiple Choice

On March 1,2018,Everson Services issued a 4% long-term notes payable for $16,000.It is payable over a 4-year term in $4000 annual principal payments on March 1 of each year plus interest,beginning March 1,2019.Each yearly installment will include both principal repayment of $4000 and interest payment for the preceding one-year period.On March 1,2019,________.The accounting period ends on December 31.

• A) Everson must accrue $4000 of Interest Expense
• B) Everson must accrue the next note payment of $4000 as the current portion of principal payment
• C) Everson must pay $640 of interest to the note holder
• D) Everson will receive $4000 as an installment payment

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