FINANCIAL ACCOUNTING>IC<
FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 10, Problem 10.13AP

(a)

To determine

Liabilities

Liabilities are an obligation of the business to pay to the creditors in future for the goods and services purchased on account or any for other financial benefit received. It can be current liabilities or a non-current liabilities depending upon the time period in which it is paid.

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To Prepare: The amortization schedule of notes payable from 2016 to 2021.

(b)

To determine

To Prepare: The journal entry to record the issuance of 7% notes payable on July 1, 2016.

To determine

To Prepare: The journal entry to record the first installment payment on December 31, 2017.

To determine

To Prepare: The journal entry to record the second installment payment on June 30, 2018.

(c)

To determine

To Prepare: The balance sheet presentation of notes payable for June 30, 2018.

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FINANCIAL ACCOUNTING>IC<

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