Question
On September 1, 2024, Venetian Airlines borrows $23 million, and records the full amount as Notes Payable (long-term). On December 31, 2024 (balance sheet date),
On September 1, 2024, Venetian Airlines borrows $23 million, and records the full amount as Notes Payable (long-term). On December 31, 2024 (balance sheet date), Southwest determines $14 million of the note is due next year, while the remaining $9 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, $5.5 million should be entered as 5,500,000.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started