In order to expand business,the management of Vereos Inc.decided to issue long-term notes payable for $50,000.The note will be paid over ten years with payments of $5,000 plus 12% interest.Provide the journal entry needed after one year for the first installment payment.

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The Answer of In order to expand business,the management of Vereos Inc.decided to issue long-term notes payable for $50,000.The note will be paid over ten years with payments of $5,000 plus 12% interest.Provide the journal entry needed after one year for the first installment payment.

In Order to Expand Business,the Management of Vereos Inc