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christine-o
Level 1

What is the entry to clear out current portion of long term debt when the note has matured?

 
1 Comment 1
Rustler
Level 15

What is the entry to clear out current portion of long term debt when the note has matured?

If Clear out means to reduce the balance owed, then doing so is income to the business. So a journal entry to debit the liability account and credit Other Income would work.

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