Why is Unearned Revenue considered a liability?
Answer to relevant QuestionsWhy are payroll taxes and sales taxes considered liabilities? A local theater company sells 1,500 season ticket packages at a price of $ 250 per package. The first show in the ten-show season starts this week. Show the accounting equation effects and prepare the journal entries related ...On January 1, 2015, Buchheit Enterprises reported $ 95,000 in a liability called “Bonds Payable, Net.” This liability related to a $ 100,000 bond with a stated interest rate of 5 percent that was issued when the market ...E-Tech Initiatives Limited plans to issue $ 500,000, 10-year, 4 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2016. Show how the bonds would be reported on the ...Use the information in E10-1 to complete the following requirements. Required: 1. Give the journal entry to record the note on November 1, 2015. 2. Give any adjusting entry required on December 31, 2015. 3. Give the journal ...
Post your question