Brief Exercise $8-9($Static$)$ Reclassify current portion of long$-$term debt $($LO$8-4)$

On September $1,2024,$ Southwest Airlines borrows $$41$ million, and records the full amount as Notes Payable $($long$-$term$).$ On December $31,2024($balance sheet date$),$ Southwest determines $$10$ million of the note is due next year, while the remaining $$31$ million is due in two years.

Record the entry to reclassify the current portion of long$-$term debt. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $$5\mathrm{.}5$ million should be entered as $5,500,000.)$

Journal entry worksheet

$1$

Record the entry to reclassify the current portion of long$-$term debt.

Note: Enter debits before credits.

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