On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2016. Which of the following entries needs to be made at March 1, 2015?

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Vinnie Services issued a long-term notes payable for $15,000 with a 3-year term, payable in $5,000 principal installments on March 1 of each year. Since the notes payable was issued on March 1, 2015, the company would receive the full amount of $15,000 on that date. Therefore, the entry to be made would be to debit Cash for $15,000 and credit Long-Term Notes Payable for $15,000. Option A is incorrect because it assumes that the first installment has been made, which is not the case. Option B is incorrect because it lists the full amount of the notes payable as the current portion, which is not accurate. Option C is incorrect because accounts payable would not be affected by the issuance of a notes payable.

On March 1, 2015, Vinnie Services Issued a 5% Long-Term Long-Term Notes Payable 5,000 Cash 5,000\begin{array} { | c | r | r | } \hline \text { Long-Term Notes Payable } & 5,000 & \\\hline \text { Cash } & & 5,000 \\\hline\end{array} Long-Term Notes Payable Cash ​5,000​5,000​​

On March 1, 2015, Vinnie Services Issued a 5% Long-Term $\begin{array} { | c | r | r | } \hline \text { Long-Term Notes Payable } & 5,000 & \\\hline \text { Cash } & & 5,000 \\\hline\end{array}$