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Is the current portion of long term debt adjusted monthly?

Author:
Harold Averkamp, CPA, MBA

A monthly adjustment to the current portion of long term debt is necessary when:

1. the company issues monthly balance sheets, and

2. the amount to be paid on a loan’s principal balance during the next 12 months is different from the amount presently shown as a current liability.

The amount reported as a current liability plus the amount reported as a long term liability must be equal to the total amount owed on the debt.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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