In order to expand its business,the management of Areos,Inc.issued a long-term notes payable for $50,000.The note will be paid over a 10-year period with equal annual principal payments,beginning in one year.The annual interest rate is 12%.Prepare the journal entry for the issuance of the note.Omit explanation.

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The Answer is

\begin{array} { | l | r | r | } \hline ext { Cash } & 50,000 & \\hline ext { Long-Term Notes Payable } & & 50,000 \\hline\end{array}

In Order to Expand Its Business,the Management of Areos,Inc