On May 1,2015,Vantage Services issued a long-term note payable for $35,000.It is payable over a 5-year term in $7,000 annual principal payments plus interest,on May 1 of each year beginning on May 1,2016.Provide the initial journal entry for the issuance of the note.

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The Answer of On May 1,2015,Vantage Services issued a long-term note payable for $35,000.It is payable over a 5-year term in $7,000 annual principal payments plus interest,on May 1 of each year beginning on May 1,2016.Provide the initial journal entry for the issuance of the note.

On May 1,2015,Vantage Services Issued a Long-Term Note Payable for $35,000.It