MGAB02H3 Chapter 10: Chapter 10 Notes
Document Summary
N with line of credit, bank simply covers any cheques written in excess of the bank account balance, up to the approved credit limit. N most notes are interest-bearing, with interest due monthly or at maturity. N while short-term notes can have floating interest rates, it is more usual for them to have a fixed interest rate. N when sales taxes are remitted, gst and pst (or hst) payable are debited and cash is credited. N mandatory payroll deductions include amounts withheld for federal and provincial income taxes, canada pension plan (cpp) N while employee payroll deductions are part of wages expense, employer payroll costs are part of employee benefits expense. N mortgage note payable a long-term note secured by mortgage that pledges title to property as collateral for loan. N monthly interest expense is calculated by multiplying outstanding principal balance by interest rate.
