Take me to the textFor the following independent transactions, determine the amount of current and long-term liabilites.Do not enter dollar signs or commas in the input boxes.No.Transaction1On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank.The entire amount is due on February 27, 2023.NOP Company purchased a small building at a cost of $190,000. The2 down payment is $90,000. The remaining balance is payable in 5 yearswith an annual payment of $20,000.A business owner borrowed $11,000 from a close friend for a business4 expansion. They both signed an agreement that the full payment will bemade after 4 years.ChackCurrent Liability Long-Term Liability225500During March 2022, a business owner obtained an interest-free loan from3 a financing company. The loan amount was $79,000. The agreed terms of 15800payment are 5 annual installments of $15,800.200000011000x

Liability is the money owed by the entity to the creditors or any other persons such as suppliers…

Answered: For the following independent…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $65,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the receipt of a note on July 1, 2017 for a $65,000 loan to an employee. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2017
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Blue Corporation borrowed $62,000 on November 1, 2025, by signing a $63,395, 3-month, zero-interest-bearing note. Prepare Blue's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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