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Unformatted text preview: through January 1, 2010. Be sure to indicate the date on which the entries would be made. Notes Payable 4/30 Received $550,000 from Commerce Bank after signing a 12 month, 6 percent interest-bearing note payable. What is the adjusting journal entry on 12/31? Balance Sheet presentation at 12/31? Paid and recorded wages of $80,000 during 2006, however at 12/31/06 three days wages are unpaid and unrecorded because the weekly payroll will not be paid until 1/6/07. The payroll for a 5 day week is $5000. Entry at 12/31? Current Ratio Current Assets divided by Current Liabilities. Contingent Liability probable, estimable? Record Liability probable, no $ amount, Disclose Capital vs Operating Lease-Capital Asset and Liability (like you own it)-Operating Lease not on the books...
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- Fall '08
- Financial Accounting