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

Wilson, Inc. signs a 90-day, 8% note for $5,000. The entry would be recorded in the cash payments journal.

The day a note is due is called the

The adjusting entry for supplies is made only when financial statements need to be prepared. This fact is an application of which accounting concept?

An amount paid for the use of money for a period of time is called

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)

Wilson, Inc. signed a 90-day, 9% note for $3,000. The interest due at maturity is

Promissory notes signed by a business and given to a creditor are called

The % of the principal that is paid for use of the money is called the

Notes payable due within the next year are classified as

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