On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6- year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable 24,000 Long - Term Notes Payable 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 OC. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000

On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6- year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable 24,000 Long - Term Notes Payable 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 OC. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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