Liabilities are likely future payments of assets or services that a company is presently obligated to as a result of past transactions or events. Liabilities are classified into current liabilities that are due within a year and long-term liabilities that can be paid after more than a year. The adjustment entries in December 31for each of the given separate transactions.

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Chapter 9, Problem 15E

To determine

Concept Introduction:

Liabilities are likely future payments of assets or services that a company is presently obligated to as a result of past transactions or events. Liabilities are classified into current liabilities that are due within a year and long-term liabilities that can be paid after more than a year.

The adjustment entries in December 31for each of the given separate transactions.

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