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.
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Question

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.
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\hline & & \
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Quizplus · Accepted Answer

The Answer of 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.
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On July 1,2013,Avery Services Issued a 4% Long-Term Note Payable \begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}​​​​

On July 1,2013,Avery Services Issued a 4% Long-Term Note Payable $\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$