A) Notes payable
B) Warranties payable
C) Pending litigation
D) Sales tax payable
A) 3 months.
B) 6 months.
C) 1 year.
D) more than 1 year.
A) Pending legal action
B) Potential fines from the EPA
C) Mortgage payable
D) Cosigning a loan
A) Debit to Interest Expense for $245 ; Credit to Interest Payable for $245.
B) Debit to Interest Expense for $245; Credit to Cash for $245.
C) Debit to Interest Expense for $163.33; Credit to Interest Payable for $163.33.
D) Debit to Interest Expense for $163.33; Credit to Cash for $163.33.
A) Debit to Cash for $100,000
B) Credit to Sales Tax Expense for $5,000
C) Credit to Sales Revenue of $100,000
D) Credit to Sales Revenue of $105,000
A) Income tax payable due in 4 months.
B) Mortgage payable due in 18 months.
C) Current portion of long-term payable.
D) Both A and C will be reported in the balance sheet as current liabilities.
A) Journalize the entry for the estimated amount, recognizing it on the balance sheet only.
B) Create a note to the financial statements sharing the probability of the contingency loss only.
C) Do both A and B.
D) Do neither. We don’t record loss contingencies until we are required to pay under any circumstances.
A) Debit Warranty Payable for $450; Credit Warranty Expense for $450.
B) Debit Warranty Expense for $450; Credit Cash for $450.
C) Debit Warranty Expense for $450; Credit Warranty Payable for $450.
D) No entry is made to estimate the warranty costs.
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