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Question 1: A hospitality company is the maker of a $20,000 note to be paid in monthly payments of $1000 each. The first payment is made on October 1. How will the note be represented on the balance sheet for December 31?.
Option A) $3000 expense, $12000 current liability, $17,000 long -term liability
Option B) $12,000 current liability, $8,000 long-term liability
Option C) $12,000 current liability, $5,000 long-liability
Option D) $3,000 expenses, $17,000 long-term liability
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