Accounting I & II

The Language of Business

Week of November 4, Advanced

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CHAPTER 8, pp. 234-258

Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses

Borrowing money with a Notes Payable, Line of Credit

Interest Bearing and Discounted Notes Payable

Some expenses, such as insurance and advertising, require a payment before the benefit is received.  Thus–Prepaid Expenses

Accrued Expenses are incurred in one fiscal period but not paid until a later fiscal period.

Warranty Expense-Cost of repairs on merchandise that is sold.

 

 

 

 

 

 

 

 

 

 

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Author: jholcomb

BBA degree, SHSU; MBE degree SFASU; 2 years working for the European Exchange System (Military computer operations) in Giessen, Germany; 47 years working for public school education; UIL Sponsor Excellence Award 2017.

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