On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2,000 installments on July 1 of each succeeding year. Please provide the initial journal entry for the issuance of the note.

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The Answer of On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2,000 installments on July 1 of each succeeding year. Please provide the initial journal entry for the issuance of the note.

On July 1, 2013, Avery Services Issued a Long-Term Note