Short term notes payable:

A. are shown on the balance sheet with current liabilities

B. are generally due within three months, with a maximum time period of six months

C. are shown on the balance sheet after bonds payable

D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable.

The total amount of interest due on the note is:

A. $800.00

B. $1,800.00

C. $147.95

D. $73.97

An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue. True False Aviation Holdings Corporation's sales for the day totalled $10,552. Jensen collected an additional 5% in sales tax. The entry to record the day's sales includes

A. debit to Sales Tax Expense

B. debit to Sales Tax Payable

C. credit to Sales Tax Payable

D. credit to Sales Tax Expense

Answer rating: 100% (QA)

Answer 1 The correct option is A are shown on the balance sheet with c... View the full answer