会计学ch11学习课件.pptVIP

Current Liabilitiesand Payroll Chapter 11 Objective 1 Accounts Payable... …are amounts owed to suppliers for goods or services purchased on account. Accounts payable do not bear interest expense for the debtor. Accounts Payable Example Suppose that on June 3, Lloyd’s Sporting Store purchased $1,000 of goods on account from Patti Wholesaler. What is the journal entry? Short-Term Notes Payable... …are promissory notes payable due within one year. In addition to recording the note payable, the business must also pay interest expense. If interest expense is accrued at the end of the period, interest payable must also be recorded. Short-Term Notes Payable Example On April 30, Patti purchased inventory for $10,000 by issuing a 90-day, 10% note payable. What is the journal entry? Short-Term Notes Payable Example Assume the accounting period ended May 31. How much interest was accrued as of May 31? $10,000 × 10% × 31/360 = $86.11 How does Patti record the payment at maturity? Short-Term Notes Payable Example July 29 Note Payable 10,000.00 Interest Payable 86.11 Interest Expense 163.89 Cash 10,250.00 Sales Tax Payable Example Most states levy a sales tax on retail sales. Suppose that a store sold $3,000 worth of merchandise on a given Saturday. The business collected an additional 5% in sales tax. How much is the sales tax liability? $150 Accrued Expenses (Liabilities)... are expenses that have been incurred but not recorded. salaries taxes withheld interest utilities Payroll Liabilities Unearned Revenue Example Assume that on June 1, Dennis’s Landscaping collected $1,500 for services to be provided during the months of June, July, and August. Unearned Revenue Example What entry does Dennis record on June 30? Objective 2 Estimated Warranty Payable The matching principle demands that the company record the warranty expense in the same period that the business recognizes sales revenue. Estimated Warranty Payable Example Patti Wholes