COMMERCE 1BA3 Lecture Notes - Accounts Payable, Promissory Note, Accrued Interest
14 Jul 2014
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Note payable xx: an adjusting entry must be recorded to accrue interest incurred: Xx: the following entry is required when the note is paid. It is important to keep interest payable separate from note payable. The accrual entry made at the end of the period will never affect the note payable balance. On december 1, thomas company borrowed ,000 on a 90-day, 12% note. What is the amount of accrued interest on december 31? (,000 x 0. 12 x 30/365 = . 63. ) Pst payable xx: the entry to record hst when a company makes a sale is as follows: Hst payable xx: payroll liabilities (employee compensation) include salary and wages payable, along with various employee taxes withheld from pay cheques (canada pension plan, employment. A liability for the estimated repairs must be reported on the balance sheet. Estimated warranty payable xx: the entry to record the actual repair or replacement of defective merchandise is:
