Essay
On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period. Please provide the journal entry needed at year-end 2013 to accrue the interest expense from July 1 through the end of the year.
Correct Answer:
Verified
Correct Answer:
Verified
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