You want to make sure your business has appropriately accounted for various liabilities such as Accounts...

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You want to make sure your business has appropriately accounted for various liabilities such as Accounts Payable, Notes Payable, and Unearned Revenue for the month. During the month, the following transactions occured. Record the journal entries for these transactions: 1. On September 5, a customer paid $600 in advance for lemonade to be catered to a business lunch later in the month 2. You realize your business is running low on various supplies such as paper towels and other cleaning supplies. On September 10, you purchase $200 of supplies from a local restaurant supply wholesaler. You receive an invoice to pay within 30 days for the supplies. 3. On September 20, you successfully deliver the lemonade to the catering event. 4. In the previous month, you purchased a truck by issuing a 2-year note payable. Both principal and interest are due at the time the note matures. The note has yet to mature, however, you record adjusting entries at the end of the month and need to accrue for interest for the current month. Assume the principal is $12,000 and annual interest on the note is 5%. 2 Date Account Debit Credit input input Now that you've recorded journal entries, analyze how the various liability accounts and interest expense are reported on your financial statements. 1. You would report Accounts Payable as a 2. You would report Notes Payable as a 3. You would report Interest Expense as a You would report it on the since it is due within less than a year. You would report it on the in the amount of since it is due beyond a year. You would report it on the in the amount of in the amount of 1. You would report Interest Payable as a since interest expense is always for one year. You would report it on the You want to make sure your business has appropriately accounted for various liabilities such as Accounts Payable, Notes Payable, and Unearned Revenue for the month. During the month, the following transactions occured. Record the journal entries for these transactions: 1. On September 5, a customer paid $600 in advance for lemonade to be catered to a business lunch later in the month 2. You realize your business is running low on various supplies such as paper towels and other cleaning supplies. On September 10, you purchase $200 of supplies from a local restaurant supply wholesaler. You receive an invoice to pay within 30 days for the supplies. 3. On September 20, you successfully deliver the lemonade to the catering event. 4. In the previous month, you purchased a truck by issuing a 2-year note payable. Both principal and interest are due at the time the note matures. The note has yet to mature, however, you record adjusting entries at the end of the month and need to accrue for interest for the current month. Assume the principal is $12,000 and annual interest on the note is 5%. 2 Date Account Debit Credit input input Now that you've recorded journal entries, analyze how the various liability accounts and interest expense are reported on your financial statements. 1. You would report Accounts Payable as a 2. You would report Notes Payable as a 3. You would report Interest Expense as a You would report it on the since it is due within less than a year. You would report it on the in the amount of since it is due beyond a year. You would report it on the in the amount of in the amount of 1. You would report Interest Payable as a since interest expense is always for one year. You would report it on the