3414) 21% X MGM X MGM X Home X Mail-X cl/outline stions for m Liabilities Survi x C How do 14 (12) you calculate and record that? 1) On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Which of the following entries needs to be made at July 1, 2013 to reclassify the current portion of the note? A) Long-term notes payable 2,000 Cash 2,000 B) Current portion of long-term notes payable 2,000 Long-term notes payable 2,000 C) Long-term notes payable 2,000 Accounts payable 2,000 D) Long-term notes payable 2,000 Current portion of long-term notes payable 2,000