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Business
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Financial and Managerial Accounting
Quiz 11: Current Liabilities and Payroll
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Question 41
True/False
Benefits are extra compensation items that are not paid directly to an employee.
Question 42
Multiple Choice
The current portion of long-term notes payable is ________.
Question 43
True/False
Mario worked 48 hours during the work week. He earns wages of $18 per hour for straight time (40 hours). The company pays time-and-half for overtime. Mario's gross pay is $864.
Question 44
Multiple Choice
Which of the following accounts will be credited by the borrower when a promissory note is issued?
Question 45
Essay
On July 1, 2018, Sanchez, Inc. purchased merchandise inventory for $350,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. Prepare the journal entry for this transaction, using a perpetual inventory system. Omit explanation.
Question 46
True/False
A journal entry is prepared to reclassify the current portion of a note payable.
Question 47
Multiple Choice
Peter earns $14.50 per hour for straight time (40 hours) , and the company pays him time-and-a-half for overtime. He worked 46 hours at his job during the first week of March 2018. What was Peter's gross pay for the week?