Alicia Gandara

Homework
Intermediate Accounting

Chapter 13

a) Current liability
b) Current liability
c) Current liability or long term depending on the terms
d) Current liability
e) Footnote disclosure
f) Current liability
g) Current liability or long term
h) Current liability
i) Current liability
j) Current liability
k) Contra liabilities/contra account to notes payable
l) Pending footnote/footnote disclosure
m) Current liability
n) Current liability
o) Footnote disclosure
p) Current liability or long term

Exercise 2 a & b

Sept 1

Purchases $50,000

Accounts Payable $50,000

Oct 1

Accounts Payable $50,000

Notes Payable $50,000

Adjustments

Dec 31

Interest Expense $1,000

Interest Payable $1,000

 Alicia Gandara
Homework
Intermediate Accounting

Oct 1

Cash $75,000

Discount on Notes Payable $6,000

Notes Payable $81,000

Adjustment

Dec 31

Interest Expense $1,500

Discount on Notes Payable $1,500

C) Notes Payable $50,000

Interest Payable $1,500

$51,500

Notes Payable $81,000

Less discount $4,500

$76,500