Class Notes (835,107)
United States (324,041)
Accounting (32)
ACCT 203 (19)
Lecture 12

ACCT 203 Lecture 12: Chapter 12
Premium

4 Pages
28 Views
Unlock Document

Department
Accounting
Course
ACCT 203
Professor
Roxanne Spindle
Semester
Winter

Description
Chapter 12 Tuesday, April 4, 2017 11:47 AM Shortterm Liabilities: Pay within 1 year Longterm Liabilities: Pay longer than 1 year If its probable and you can estimate it, then report it Short term Liabilities: Accounts payable Sales taxes payable Unearned revenue Shortterm notes payable Payroll liabilities Multiperiod known liabilities Sales tax payable: Debit cash credit sales and sales tax Unearned Revenue: ebit cash credit unearned revenue Shortterm Notes Payable: Debit accounts payable credit cash an notes payable Paying it: Debit notes payable and interest expense Credit cash End of period adjustment to notes: debit interest expense and interest payable credit cash Payroll liabilities: debit salary expense credit everything else Warranty Liabilities: Debit warranty expense credit estimated warranty liability When work is actually done, debit estimated warranty liability credit auto parts inventory
More Less

Related notes for ACCT 203

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit