Textbook Ref LO 12.1 Following is a list of current liabilities on a balance sheet. Match each liabiltity with its appropriate description A. Sales Tax Payable B. Current portion of a long-term debt C. Interest Payable D. Accounts Payable E. Unearned Revenue i. Advance collected for a customer for which goods or services are owed in the future ii. Amount of interest the business owes on a borrowing (loan) iii. The portion of the debt due within the operating period iv. Amounts due to the supplier for goods/services they have provided but have not been paid for v. Taxes collected on the sale of products which are to be remitted to the tax authorities
Textbook Ref LO 12.1 Following is a list of current liabilities on a balance sheet. Match each liabiltity with its appropriate description A. Sales Tax Payable B. Current portion of a long-term debt C. Interest Payable D. Accounts Payable E. Unearned Revenue i. Advance collected for a customer for which goods or services are owed in the future ii. Amount of interest the business owes on a borrowing (loan) iii. The portion of the debt due within the operating period iv. Amounts due to the supplier for goods/services they have provided but have not been paid for v. Taxes collected on the sale of products which are to be remitted to the tax authorities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi I am having trouble completing my accouitn homework, could you help me please?
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Textbook Ref LO 12.2
Jumanji Games is a chain of board game stores. Record entries for the following transactions related to Jumanji's purchase of
inventory.
1. On October 5, Jumanji purchases and receives inventory from XYZ Entertainment for $7,000 with credit terms of 3/10 net 30.
2. On October 7, Jumanji returns $1,000 worth of the inventory purchased from XYZ.
3. Jumanji makes payment in full on its purchase from XYZ on October 14.
Oct. 14
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Account Title
To record the purchase of board games
To record the returns of inventory
C
To record the payment on Oct 14
D
Debit
E
Credit
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Date
Oct. 5
Oct. 7
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Textbook Ref LO 12.2
Jumanji Games is a chain of board game stores. Record entries for the following transactions related to Jumanji's purchase of
inventory.
1. On October 5, Jumanji purchases and receives inventory from XYZ Entertainment for $7,000 with credit terms of 3/10 net 30.
2. On October 7, Jumanji returns $1,000 worth of the inventory purchased from XYZ.
3. Jumanji makes payment in full on its purchase from XYZ on October 14.
Oct. 14
B
Account Title
To record the purchase of board games
To record the returns of inventory
C
To record the payment on Oct 14
D
Debit
E
Credit
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G

Transcribed Image Text:Textbook Ref
LO 12.1
Following is a list of current liabilities on a balance sheet. Match each liabiltity with its appropriate description
A. Sales Tax Payable
B. Current portion of a long-term debt
C. Interest Payable
D. Accounts Payable
E. Unearned Revenue
i. Advance collected for a customer for which goods or services are owed in the future
ii. Amount of interest the business owes on a borrowing (loan)
iii. The portion of the debt due within the operating period
iv. Amounts due to the supplier for goods/services they have provided but have not been paid for
v. Taxes collected on the sale of products which are to be remitted to the tax authorities
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