Quiz 10: Liabilities

Business

(1) Prepare the journal entries: Record the journal entry to issuance of the note on October 1, 2014: img Give the journal entry to record payment of the interest for the first half year of the notes payable: img Give the journal entry to record payment of the note and interest expenses on maturity date: img (2) Similarity between the way notes payable and notes receivable: Both the notes payable and notes receivable are accounted in accrual basis only but not in cash basis. Another similarity is adjustment entry is required to record at the end of the year for both notes payable and notes receivable.

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(1) Indicate the accounts, amounts and effects on the accounting equation: img img img (2) State whether the quick ratio is increased or decreased or there is no change: img Where NE= No effect, + for increase, - for decrease

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