(left side)
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Debit entries
Economic resources that are expected to produce a benefit in the future
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Assets
Accounts Payable (owed for inventories and services purchased on credit)
Sales Tax Payable (sales tax collected from customers and due to state and local
, governments)
Salaries and Wages Payable (yearly and hourly employees' payroll expenses owed
but
not paid at the end of the period)
Interest Payable (interest expense accrued on notes payable but not paid at the end
of the
period)
Employee-Income Tax and FICA Tax Payable (withheld from paychecks and due to
state
and local governments)
Unearned Revenues (cash received in advance from customers but goods or services
not
provided yet)
Current Portion of Long-Term Debt (amount of principal of long-term debt that is due
within the current period)
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Examples of Current Liabilities are:
Shows What a company did with it's Net Income.
Retained Earnings is the portion of net income that has been kept by t he
company
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The Statement of Retained Earnings
Outside claims. Debts payable to creditors
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Debit entries
Economic resources that are expected to produce a benefit in the future
Give this one a try later!
Assets
Accounts Payable (owed for inventories and services purchased on credit)
Sales Tax Payable (sales tax collected from customers and due to state and local
, governments)
Salaries and Wages Payable (yearly and hourly employees' payroll expenses owed
but
not paid at the end of the period)
Interest Payable (interest expense accrued on notes payable but not paid at the end
of the
period)
Employee-Income Tax and FICA Tax Payable (withheld from paychecks and due to
state
and local governments)
Unearned Revenues (cash received in advance from customers but goods or services
not
provided yet)
Current Portion of Long-Term Debt (amount of principal of long-term debt that is due
within the current period)
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Examples of Current Liabilities are:
Shows What a company did with it's Net Income.
Retained Earnings is the portion of net income that has been kept by t he
company
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The Statement of Retained Earnings
Outside claims. Debts payable to creditors
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