which-journal-entry-correctly-reclassifies-5000-of-long-term-debt-to-current-lia

Question

Which journal entry correctly reclassifies $5,000 of long-term debt to current liabilities?

Accepted Answer

Debit Long-term Debt $$5,000; Credit Current Liabilities 5$$,000.

Answer

Debit Current Liabilities $$5,000; Credit Long-term Debt 5$$,000.

Answer

Debit Long-term Debt $$5,000; Credit Cash 5$$,000.

Answer

Debit Cash $$5,000; Credit Long-term Debt 5$$,000.

Which journal entry correctly reclassifies \$5,000 of long-term debt to current liabilities?