Services
Discover
Homeschooling
Ask a Question
Log in
Sign up
Filters
Done
Question type:
Essay
Multiple Choice
Short Answer
True False
Matching
Topic
Business
Study Set
Fundamental Accounting Principles
Quiz 2: Current Liabilities
Path 4
Access For Free
Share
All types
Filters
Study Flashcards
Practice Exam
Learn
Question 61
Multiple Choice
Which of the following items below is recorded as an estimate when initially recognized?
Question 62
Essay
Explain known current liabilities.
Question 63
Essay
Explain the difference between current and long-term liabilities.
Question 64
Essay
Vella Physio Company is located in Ponoka,Alberta and is a retailer of physio supplies.Beginning inventory is $20,000,and Vella uses the perpetual inventory system.Complete the journal entries on the following dates,including 5% GST as applicable.
Question 65
Essay
Explain the concept of interest.
Question 66
Short Answer
On June 14,Multi Sports received a 90-day note payable from Single Sport,instead of cash payment of an overdue account.The amount of the note was $45,000 at an interest rate of 10%.What is the total amount of interest for the note?
Question 67
Multiple Choice
Pending lawsuits
Question 68
Short Answer
On November 16,2020,Kinsmen Sports gave Source for Sports a 120-day,8%,$130,000 note payable to extend a past due account payable.What amount of interest expense should Source for Sports report for calendar 2020?
Question 69
Multiple Choice
The employer should record payroll deductions as
Question 70
Multiple Choice
West Coast Outdoor Co.sold $22,000 worth of trampolines with a one-year warranty.The company estimates that 2% of the sales will result in warranty work.West Coast Outdoor Co.should
Question 71
Multiple Choice
Gross pay is
Question 72
Essay
On April 18,Valley Sports gave a 120-day note payable to Slick Snowboards,instead of cash payment of an overdue account.The amount of the note was $185,000 at an interest rate of 11%.Prepare the journal entry on Valley Sports books to record the note payable.
Question 73
Essay
On March 1,2020,Jaiku Industrial gave Light Co.a 180-day,8%,$78,000 note payable to extend a past due account payable.Prepare the journal entry for Jaiku Industrial to record payment of the note on August 28,2020.Jaiku Industrial recorded a April 30
th
year end adjusting entry.
Question 74
Multiple Choice
Uncertainties such as doubtful accounts
Question 75
Multiple Choice
Provisions must be recorded if
Question 76
Multiple Choice
Unearned revenues are
Question 77
Essay
On November 16,2020,Source for Sports gave Kinsmen Sports a 90-day,12%,$120,000 note payable to extend a past due account payable.Prepare the journal entry for Source for Sports to record the note and the extension of the past due account.