Concept explainers
1.
Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be short-term or long-term depending upon the time duration in which it is paid back to the creditors.
To Journalize: The transactions in the J Pharmacy’s general journal.
2.
To prepare: The liabilities section of the balance sheet for J pharmacies.
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