On May 1,2016,Butler Services issued a long-term note payable for $35,000.The note will be paid over five-years with annual principal payments of $7,000,plus interest,on May 1 of each year beginning on May 1,2017.Prepare the journal entry for the issuance of the note.

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The Answer of On May 1,2016,Butler Services issued a long-term note payable for $35,000.The note will be paid over five-years with annual principal payments of $7,000,plus interest,on May 1 of each year beginning on May 1,2017.Prepare the journal entry for the issuance of the note.

On May 1,2016,Butler Services Issued a Long-Term Note Payable for $35,000.The