Financial Accounting 2300 Exam 4
questions & answers rated A+
2025/2026
Current Liabilities (due within one year) - ANS ✔✔accounts payable
short-term note payable
unearned revenue
current portion of a long-term debt
other accrued liabilities
Long Term Liabilities (maturity date longer than one year) - ANS ✔✔notes payable
bonds payable
We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
Record the issue of the note - ANS ✔✔Equipment (debit) 75000
notes payable (credit) 75000
We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
record the AJE on Dec 31st - ANS ✔✔interest expense (debit) 625
interest payable (credit) 625
, We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
record when the note matures on march 31st - ANS ✔✔notes payable (debit) 75000
interest payable (debit) 625
Interest expense (debit) 938
cash (credit) 76563
We sold $45,000 of goods today, all on account. we also need to collect an additional 8% sales
tax. Record the appropriate journal entry - ANS ✔✔accounts receivable (debit) 48600
sales revenue (credit) 45000
sales tax payable (credit) 3600
we have 15 employees that we pay $1200 each week. We pay them at the end of every two
weeks (5 day work weeks). We withhold for a 15% federal income tax as well as an 8% FICA tax.
This year, dec 31st falls on the first Thursday of the two-week pay period.
record salary expense on dec 31st - ANS ✔✔salary expense (debit) 14400
employee income tax payable (credit) 2160
FICA tax payable (credit) 1152
Salary payable (credit) 11088
we have 15 employees that we pay $1200 each week. We pay them at the end of every two
weeks (5 day work weeks). We withhold for a 15% federal income tax as well as an 8% FICA tax.
This year, dec 31st falls on the first Thursday of the two-week pay period.
record the entry when our employees are paid on january 8th - ANS ✔✔salary expense (debit)
21600
questions & answers rated A+
2025/2026
Current Liabilities (due within one year) - ANS ✔✔accounts payable
short-term note payable
unearned revenue
current portion of a long-term debt
other accrued liabilities
Long Term Liabilities (maturity date longer than one year) - ANS ✔✔notes payable
bonds payable
We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
Record the issue of the note - ANS ✔✔Equipment (debit) 75000
notes payable (credit) 75000
We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
record the AJE on Dec 31st - ANS ✔✔interest expense (debit) 625
interest payable (credit) 625
, We buy equipment for $75,000 from XYZ Co on Nov. 1st. Instead of paying cash, we offer them a
5-month note payable with 5% interest. they accept
record when the note matures on march 31st - ANS ✔✔notes payable (debit) 75000
interest payable (debit) 625
Interest expense (debit) 938
cash (credit) 76563
We sold $45,000 of goods today, all on account. we also need to collect an additional 8% sales
tax. Record the appropriate journal entry - ANS ✔✔accounts receivable (debit) 48600
sales revenue (credit) 45000
sales tax payable (credit) 3600
we have 15 employees that we pay $1200 each week. We pay them at the end of every two
weeks (5 day work weeks). We withhold for a 15% federal income tax as well as an 8% FICA tax.
This year, dec 31st falls on the first Thursday of the two-week pay period.
record salary expense on dec 31st - ANS ✔✔salary expense (debit) 14400
employee income tax payable (credit) 2160
FICA tax payable (credit) 1152
Salary payable (credit) 11088
we have 15 employees that we pay $1200 each week. We pay them at the end of every two
weeks (5 day work weeks). We withhold for a 15% federal income tax as well as an 8% FICA tax.
This year, dec 31st falls on the first Thursday of the two-week pay period.
record the entry when our employees are paid on january 8th - ANS ✔✔salary expense (debit)
21600
