Question: Q4 (Max Marks: 4) Fabric Inc. reported short term notes payable & salary payable as follows: 2017 2016 $13,900 $12,800 Short term notes payable $6,520

Q4 (Max Marks: 4) Fabric Inc. reported short term notes payable

Q4 (Max Marks: 4) Fabric Inc. reported short term notes payable & salary payable as follows: 2017 2016 $13,900 $12,800 Short term notes payable $6,520 $4,995 Salary payable During 2017, Fabric Inc. paid off both current liabilities that were carried forward from 2016, borrowed money on short term notes payable & accrued salary expense. Required: Journalise all four of these transactions for Fabric Inc. during 2017. (Marks: 4)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

GeneralProducts Inc. is incorporated in Nevada, USA on Jan 1st 2013 to take over a local retail chain. The objective of the company is to supply goods of everyday use to customers at the most...

ABC Inc. is incorporated in California, USA on Jan 1st 2011 to take over a local retail chain. The objective of the company is to supply goods of everyday use to customers at the most competitive...

see attached file Acct project. REQUIREMENTS Record the necessary journal entries for 2016 Prepare Income Statement and Retained Earnings Statement for the year 2016 Prepare Balance Sheet on December...

Create a report, sales account receivables, receivables reconciliation (summary). Transaction Sources Cash registers - for cash sales Invoices for credit sales Cheque book for cash payments Deposit...

a-1 What is the par value of the company's ordinary shares? Par value a-2 Did the ordinary shares originally sell at, above, or below par value? Below par value Above par value At par value 4....

please help CH 13 Homework Problem 134A Calculation of financial statement ruties LO P3 Selected year end finance m ents of Cabot Corporation follow Ale were once w edbange the amounts December 31,...

You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 20Y7, and an accounting...

Consider the following code: for (i = 0; i

A hydrogen atom undergoes a transition from the n = 5 to the n = 2 state. (a) What are the energy and wavelength of the photon that is emitted? (b) If the angular momentum is conserved and if the...

Complete all of the design steps to finally end up with a full logic schematic of the problem below. Show ALL of your work for full credit. ( add extra pages if you need them - you will likely need...

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

identify and describe the techniques that can be used to enhance employee involvement

understand the key employment relations concepts of partnership, participation, employee involvement, commitment, engagement and high-performance working

describe the concepts of commitment and employee engagement, and explain how they are related to employee involvement and high-performance working.