Is the current portion of long term debt adjusted monthly?

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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