On March 1, 2016, Hughes Services issued a 6% long-term notes payable for $18,000
It is payable over a 3-year term in $6,000 principal installments on March 1 of each year, beginning March 1, 2017. Which of the following entries needs to be made on March 1, 2016?
A)
Long-Term Notes Payable 6,000
Cash 6,000
B)
Current Portion of Long-Term Notes Payable 18,000
Long-Term Notes Payable 18,000
C)
Long-Term Notes Payable 18,000
Accounts Payable 18,000
D)
Cash 18,000
Long-Term Notes Payable 18,000
D
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