On November 1,2013,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.On November 1,the principal amount was initially recorded as Long-term notes payable,and then a second entry was made to reclassify the current portion.Please provide the proper reclassification entry.
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Question

On November 1,2013,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.On November 1,the principal amount was initially recorded as Long-term notes payable,and then a second entry was made to reclassify the current portion.Please provide the proper reclassification entry.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On November 1,2013,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.On November 1,the principal amount was initially recorded as Long-term notes payable,and then a second entry was made to reclassify the current portion.Please provide the proper reclassification entry.
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\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

On November 1,2013,EZ Products Borrowed $48,000 on a 5%,10-Year Note \begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}​​​​

On November 1,2013,EZ Products Borrowed $48,000 on a 5%,10-Year Note $\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$