Chapter 11

3).

Eli O'Henry Associates reported short-term notes payable and salaries payable as follows: (Click the icon to view the short-term notes payable and salaries payable.) During 2018, O'Henry paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Henry during 2018. Assume no interest on short-term notes payable of $15,500. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the payoff of the short-term notes payable from 2017. X i Data Table Date Accounts and Explanation Debit Credit 2018 2018 2017 Current Liabilitiespartial: Short-term Notes Payable 17,300 15,500 Salaries Payable 3,600 3,800 Print Done