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Unformatted text preview: D) Liabilities to labor unions. E) All of the above. Page 1 4. Estimated liabilities commonly arise from: A) Warranties. B) Vacation benefits. C) Income taxes. D) Employee benefits. E) All of the above. Problem ( 60 points ) On September 15, SportsWorld borrowed $75,000 cash from FirstBank on a 12%, 60-day note payable. a. Prepare SportsWorld's general journal entry to record the issuance of the note payable. b. Prepare SportsWorld's general journal entry to record the payment of the note at maturity. Sept 15 Cash. 75,000 Notes Payable. . 75,000 Nov 14 Notes Payable. 75,000 Interest Expense. 1,500 Cash 76,500...
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- Spring '10