Brief Exercise 8-9 (Static) Reclassify current portion of long-term debt (LO8-4) On September 1, 2024, Southwest Airlines borrows $41 million, and records the full amount as Notes Payable (long-term). On December 31, 2024 (balance sheet date), Southwest determines $10 million of the note is due next year, while the remaining $31 million is due in two years. Record the entry to reclassify the current portion of long-term debt. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet 1 Record the entry to reclassify the current portion of long-term debt. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Brief Exercise 8-9 (Static) Reclassify current portion of long-term debt (LO8-4) On September 1, 2024, Southwest Airlines borrows $41 million, and records the full amount as Notes Payable (long-term). On December 31, 2024 (balance sheet date), Southwest determines $10 million of the note is due next year, while the remaining $31 million is due in two years. Record the entry to reclassify the current portion of long-term debt. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet 1 Record the entry to reclassify the current portion of long-term debt. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brief Exercise 8-9 (Static) Reclassify current portion of long-term debt (LO8-4)
On September 1, 2024, Southwest Airlines borrows $41 million, and records the full amount as Notes Payable (long-term). On
December 31, 2024 (balance sheet date), Southwest determines $10 million of the note is due next year, while the remaining $31
million is due in two years.
Record the entry to reclassify the current portion of long-term debt. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should
be entered as 5,500,000.)
View transaction list
Journal entry worksheet
1
Record the entry to reclassify the current portion of long-term debt.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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