Quiz Ch 08 – T/F Understanding Short-term Notes Payable
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Short-term notes payable are notes payable with a maturity period of over one year.
Short-term notes payable are notes payable with a maturity period of over one year.
Wage is the payment made to employees on a monthly or yearly basis.
Expenses like Warranties and Income Taxes require estimation.
The unearned Revenue account balance is zeroed when all advanced revenue is earned.
What are the terms used to describe the total wages employees earned for the payroll period and the amount of wages they take home?
Determine the total purchases during the year given inventory and COGS.
Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
Given the purchased inventory costing and the short-term note payable — prepare the journals for the purchase of inventory and accrual of interest.
Given the purchased inventory cost and the short-term note payable — prepare the journal entry for the purchase of inventory and payment of the note.