Adv. Accounting - Ch. 9 Review

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Prepaid expenses are expenses until they are actually used.

On Dec. 31, Wilson Co. owes 20 days worth of accrued interest on a $4,000 note payable at 9% interest. The adjusting entry includes a debit to Interest Payable for $20.

The payment of a note payable is recorded in the cash payments journal.

The original amount of the note is called the

For a company whose fiscal year ends on Dec., 31, the date of reversing entries is typically

The amount that is due on the maturity date of a note is called the

Accrued salary expense occurs when employees earn a salary in the current fiscal period that is not paid until the next fiscal period.

Wilson Company signs a 180-day, 10% note for $7,000. The source document for this transaction is a receipt.