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General Accounting Discussions: Homework question

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    • CommentAuthorans2007
    • CommentTimeSep 26th 2007
     
    How do I journalize the payment of $30,000 on notes payable that are due for payment next year?
    • CommentAuthorabril
    • CommentTimeSep 27th 2007
     
    journalize it in a usual manner - debit the payable and interest expense then credit the total cash payment.
    • CommentAuthormoney12
    • CommentTimeOct 13th 2007 edited
     
    I'am preparing adjusting journal entries for December 31.

    Accrued income taxes payable for the entire year ending December 31, 2007, total $2500. The full amount is due early in 2008

    thanks
    Thankful People: tmc
    • CommentAuthorjhterrill
    • CommentTimeOct 14th 2007
     
    In a multiple step income statement, where do you record a non-taxable gain?
    Thankful People: money12, tmc
    • CommentAuthorkimmie
    • CommentTimeOct 23rd 2007
     
    Does anyone know what to do if one of the limited company's managing director took goods for own use? Does this treat it the way as sole trader and partnership.
    • CommentAuthorstudent101
    • CommentTimeNov 24th 2007
     
    MY SALES ARE 598,400 AND ALLOWENCE FOR DOUTFUL ACCOUNTS IS <600> AND BAD DEBT EXPENSE IS 0 AND .7% OF MY SALES ARE BAD DEBT EXPENSEDO I JUST DEBIT BAD DEBT EXPENSE AND CREDIT ALLOWENCE FOR DOUTFUL ACCOUNTS FOR DEC.31

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