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.
What will be an ideal response
Cash 35,000
Long-Term Notes Payable 35,000
Business
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