Adjusting entry-shift current installment of long term note

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Reference no: EM13141138

The long term debt is payable in annual installments of $40,000, with the next installment due on July 31. On that date, Seal-N-Ship will also pay one year's interest at 9%. Interest was last paid on July 31 of the preceding year. Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.

Reference no: EM13141138

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