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) R...

The following are accounts commonly used in accounting information systems: 1. Accounts payable 2. Salaries payable 3.

Question:

The following are accounts commonly used in accounting information systems:
1. Salaries payable
3. 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 as a current liability, a long-term liability, or something else.
Common Stock
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Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...