Answer:
Debit long-term debt; Credit cash.
Explanation:
The Journal Entry is shown below:-
Long term Dr, XXXXXXXX
To Cash
(being long term is recorded)
Long-term debt is a liability which usually has a credit balance. Therefore, until the long-term debt is entirely repaid, the long-term debt account has to be debited to pay it off entirely from the account books. In another hand, the cash account has to be paid, because there is a cash outflow.
