TAILIEUCHUNG - Current Liabilities and Payroll

phiếu phải trả đến hạn trong vòng một năm. Ngoài ra để ghi lại những lưu ý phải nộp, doanh nghiệp cũng phải trả chi phí lãi vay. Nếu chi phí lãi vay là tích lũy ở cuối của thời kỳ này | Current Liabilities and Payroll Chapter 11 1 Objective 1 Account for current liabilities of known amount. 8 Accounts Payable. are amounts owed to suppliers for goods or services purchased on account. Accounts payable do not bear interest expense for the debtor. Accounts Payable Example Suppose that on June 3, Lloyd’s Sporting Store purchased $1,000 of goods on account from Patti Wholesaler. What is the journal entry? Inventory 1,000 Accounts Payable 1,000 Purchase on account Short-Term Notes Payable. are promissory notes payable due within one year. In addition to recording the note payable, the business must also pay interest expense. If interest expense is accrued at the end of the period, interest payable must also be recorded. Short-Term Notes Payable Example On April 30, Patti purchased inventory for $10,000 by issuing a 90-day, 10% note payable. What is the journal entry? Inventory 10,000 Notes Payable 10,000 Purchase inventory on a 90-day, 10% note Short-Term Notes Payable Example Assume the accounting period ended May 31. How much interest was accrued as of May 31? $10,000 × 10% × 31/360 = $ How does Patti record the payment at maturity? Short-Term Notes Payable Example July 29 Note Payable 10, Interest Payable Interest Expense Cash 10, Sales Tax Payable Example Most states levy a sales tax on retail sales. Suppose that a store sold $3,000 worth of merchandise on a given Saturday. The business collected an additional 5% in sales tax. How much is the sales tax liability? $150 Accrued Expenses (Liabilities). are expenses that have been incurred but not recorded. salaries taxes withheld interest utilities Payroll Liabilities Salary Expense 10,000 Employee Income Tax Payable 1,200 FICA Tax Payable 800 Employee Union Dues Payable 140 Salary Payable 7,860 To record salary expense Unearned Revenue Example Assume that on June 1, Dennis’s Landscaping collected $1,500 for services to be provided during the months of June, July, .

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