On March 1, 2016, Hughes Services issued a 9% long-term notes payable for $25,000. It is payable over a 5-year term in $5,000 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?

Question

Quizplus · Accepted Answer

The Answer of On March 1, 2016, Hughes Services issued a 9% long-term notes payable for $25,000. It is payable over a 5-year term in $5,000 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?

On March 1, 2016, Hughes Services Issued a 9% Long-Term