Tum Notes Payable Cash 5,000 urrent Portion of Long-Term Notes Payable5 Long-Term Notes Payable g-Term Notes Payable Accounts Payable 25 25 Long-Term Notes Payable 25 18) On May 1, 2016, Butler Services issued a long-term note payable for $35,000. The note will be paid over five-years with annual principal payments of $7,000, plus interest, on May 1 of each year beginning on May 1, 2017. Prepare the journal entry for the issuance of the note. Answer 25) On January 1, 2017, Damon Services issued $20,000 of 8% bonds that mature in five years. The bonds were issued for $19,000. Prepare the journal entry to issue bonds. ssel for CLRVAR MEMVAR STO OFF 240 3 ON