Financial Accounting Ch. 11

How are current liabilities of known amounts accounted for: 3 main characteristics of a liability

How are current liabilities of known amounts accounted for: The two sections of a Liability

Current & Long - Term

How are current liabilities of known amounts accounted for: Current Liability

Examples: Acc payable, notes payable, salaries payable, interest payable and unearned revenue

How are current liabilities of known amounts accounted for: Long - Term Liability 

How are current liabilities of known amounts accounted for: Accounts payable

How are current liabilities of known amounts accounted for: Sales Tax payble

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for: Income Tax payable

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for: Unearned Revenue

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for: Short term notes payable

How are current liabilities of known amounts accounted for: 

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for:

How are current liabilities of known amounts accounted for:

Interest payable example, match the journal entry

How are current liabilities of known amounts accounted for: 

How are current liabilities of known amounts accounted for: Current portion of long term notes payable

How do companies account for and record payroll: Payroll

How do companies account for and record payroll: Straight time 

How do companies account for and record payroll: Gross pay

How do companies account for and record payroll: Net pay

How do companies account for and record payroll: Withholding deductions

Amounts withheld from paychecks like insurance companies or investments that gets deducted from a employee paycheck.

How do companies account for and record payroll: Income Tax Withholding

How do companies account for and record payroll: Withholding for employee social security tax (FICA, Federal Insurance contributions act)

How do companies account for and record payroll: Withholding for employee social security tax (FICA Tax, Social Security)

How do companies account for and record payroll: 2 components of FICA Tax

OASDI & Medicare

How do companies account for and record payroll: OASDI

How do companies account for and record payroll: Medicare

How do companies account for and record payroll: 

FICA Tax ex

How do companies account for and record payroll: Optional withholding deductions example

How do companies account for and record payroll: Payroll register

Salaries & wages expense correlates with the current period gross earnings of each employee