2018 2017 Current Liabilities-partial: Short-term Notes Payable $ 16,900 $ 16,000 Salaries Payable 3,400 4,000
2018 2017 Current Liabilities-partial: Short-term Notes Payable $ 16,900 $ 16,000 Salaries Payable 3,400 4,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalizing current liabilities
Erin O’Neil Associates reported short-term notes payable and salaries payable as follows:
During 2018, O’Neil paid off both current liabilities that were left over from 2017, burrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O’Neil during 2018. Assume no interest on short-term notes payable of $16,000.
Transcribed Image Text:2018
2017
Current Liabilities-partial:
Short-term Notes Payable
$ 16,900
$ 16,000
Salaries Payable
3,400
4,000
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