Recording current liabilities: summary activity

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7 Terms

1
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<p>What advice would you give Millie?</p><p>Select all that apply.</p><ul><li><p>Open a line of credit at a bank</p></li><li><p>Apply for a business loan</p></li><li><p>Take out a second mortgage</p></li><li><p>Open a business line of credit with a hardware store</p></li></ul>

What advice would you give Millie?

Select all that apply.

  • Open a line of credit at a bank

  • Apply for a business loan

  • Take out a second mortgage

  • Open a business line of credit with a hardware store

Open a line of credit at a bank

Open a business line of credit with a hardware store

<p>Open a line of credit at a bank</p><p>Open a business line of credit with a hardware store</p>
2
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<p>Millie quotes the job at $10,000 for two weeks of work. Her customers pay half the amount upfront, with the second half due at project completion.</p><p>Deferred revenue: $5,000</p><p>Material costs: $4,000</p><p>The utility trailer: $3,200</p><p>The job begins on August 17th</p>

Millie quotes the job at $10,000 for two weeks of work. Her customers pay half the amount upfront, with the second half due at project completion.

Deferred revenue: $5,000

Material costs: $4,000

The utility trailer: $3,200

The job begins on August 17th

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3
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<p>What does the corresponding accounting equation look like at this point?</p>

What does the corresponding accounting equation look like at this point?

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4
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<p>Millie purchases the necessary materials from the hardware store on August 22nd for $4,000.</p><p>What does the entry for job materials look like?</p>

Millie purchases the necessary materials from the hardware store on August 22nd for $4,000.

What does the entry for job materials look like?

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5
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<p>What does the corresponding accounting equation look like for the purchase of the material?</p>

What does the corresponding accounting equation look like for the purchase of the material?

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6
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<p>Getting the equipment</p><p>On August 29th, Millie uses her line of credit at the bank to buy a utility trailer. The cost is $3,200.</p><p>What does the entry for the equipment purchase look like?</p>

Getting the equipment

On August 29th, Millie uses her line of credit at the bank to buy a utility trailer. The cost is $3,200.

What does the entry for the equipment purchase look like?

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7
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<p>What does the corresponding accounting equation look like?</p>

What does the corresponding accounting equation look like?

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