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Short term notes payable examples

03/10/2021 Client: muhammad11 Deadline: 2 Day

Short term notes payable: A. are shown on the balance sheet with current liabilities B. are generally due within three months, with a maximum time period of six months C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure
On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable. The total amount of interest due on the note is: A. $800.00 B. $1,800.00 C. $147.95 D. $73.97
An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue. True False
Aviation Holdings Corporation's sales for the day totalled $10,552. Jensen collected an additional 5% in sales tax. The entry to record the day's sales includes a O A. debit to Sales Tax Expense B. debit to Sales Tax Payable C. credit to Sales Tax Payable D. credit to Sales Tax Expense

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