The adjusting journal entry to adjust current portion 355023

The adjusting journal entry to adjust current portion ($3550.23) on the balance sheet for a long-term note payable. Balance on 12/31/2014 is $18,925.33 and on 12/31/15 will be $15375.10

The adjusting journal entry will be Long-Term Note Payable A/c $ 3,550.23

To Discount on Note Payable A/c $ 3,550.23