On May 1,2016,Butler Services Issued a Long-Term Note Payable for $35,000.The

question 160

Essay

On May 1,2016,Butler Services issued a long-term note payable for $35,000.The note will be paid over five-years with annual principal payments of $7,000,plus interest,on May 1 of each year beginning on May 1,2017.Prepare the journal entry for the issuance of the note.

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Definitions:

Evolutionary Adaption

The process by which organisms adjust and change over generations to better survive and reproduce in their environments.

Anticipate

To expect or predict something to happen in the future.

Negative Emotions

Feelings that are generally considered to be unpleasant or undesirable, such as sadness, anger, fear, or jealousy.

Classically Conditioned

The process of learning through association, where a neutral stimulus becomes a conditioned stimulus after being paired with an unconditioned stimulus.