The following are accounts commonly used in accounting information systems 1
The following are accounts commonly used in accounting information systems:
1. Accounts payable
2. Salaries payable
3. Common stock
4. Current portion of long-term debt
5. Unearned revenue
6. Notes payable (due in 60 days)
7. Taxes payable
8. Allowance for doubtful accounts
9. Notes payable (due in 2 year)
Required
Identify whether each item would be classified on a balance sheet as a current liability, a long-term liability, or something else.
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