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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi, coudl you help me fill this up please. The nature of teh account is between either; asset, liability, revenu and expense.

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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