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If you initially record supplies as an expense, the amt. in the exp. acct. before adjustment equals the beg. bal. in the supplies exp. acct. + all supplies bought during the period
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
Notes payable due within the next year are classified as
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
The day a note is due is called the
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
Promissory notes signed by a business and given to a creditor are called
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
In order to recognize salary expense as a liability in the period in which employees provided their services, the company records accrued salary expense as a(n)
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
Wilson, Inc. signs a 90-day, 8% note for $5,000. The entry would be recorded in the cash payments journal.
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
The % of the principal that is paid for use of the money is called the
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
Wilson, Inc. signed a 90-day, 9% note for $3,000. The interest due at maturity is
True
adjusting entry
maturity date of a note
notes payable
current liabilities
interest rate of a note
False
$67.50
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