Unformatted text preview: Liabilities and Stockholders’ equity Accounts payable is a company owes for items or services purchased on credit and for which there was not a promissory note. Notes payable is the amount of principal due on a formal written promise to pay. Bonds payable contains the amount of the bonds issued by a company that are outstanding as of the balance sheet date. Accrued expenses are the estimated amount a company owes for expenses that occurred, but have not yet been paid. Unearned revenue is a liability account that reports amounts received in advance of providing goods or services. Contributed capital is the amount paid or contributed by stockholders in exchange for shares of a corporation's stock....
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This note was uploaded on 07/30/2011 for the course ACT 101 taught by Professor Ben during the Spring '11 term at HKU.
- Spring '11