Learn how to create common journal entries for accrued interest, including adjusting entries and delayed bond issues sold at par value. ... This applies to loans or other debt obligations.

When discussing how to record a loan payment for long-term debt, what you are really saying is you are creating a journal entry for a current portion of long-term debt.

So, the initial journal entry for the sale of the above-mentioned furniture is a debit to Notes Receivable and a credit to Sales. This shows that the sale took place and the amount that is being ...