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:

Unconsciously Believes

Holding beliefs or assumptions without awareness, often influencing behavior and attitudes without conscious recognition.

Misinterpretations

Incorrect or misrepresented understanding of a message, situation, or intention.

Acceptance

The act of acknowledging reality or admitting the reality of something, often a situation or an aspect of one's self, without attempting to change it, protest, or exit.

Non-Intrusive

Not causing disruption or annoyance through being unwelcome or uninvited.