BUSA 101

Chapter 10 – Current Liabilities

Objectives of Chapter

 

 

Be familiar with a variety of common current liabilities:

          Accounts Payable

          Notes Payable

          Unearned accounts

          Contingent Liabilities

          Vacation liabilities

          Product Warranty liabilities

Be able to prepare JE’s for common Note Payable transactions

Be able to prepare basic Payroll JE’s (covered in BUSA 100)

          JE to record the payroll

          JE to record the employer’s payroll taxes

Be familiar with the proper presentation of liabilities on the Balance Sheet