MGMT 30A Ch2

What does the company give when it borrows from a bank?

Notes Payable

Which of the following events are transactions that should be entered in the accounting system?

-Paying $48 for 4 cases of copy paper that were delivered last month -Paying the office secretary's monthly salary of $2,000 -Receiving 3 cases of copy paper that cost $12 per case

______ to a corporation's stockholders' equity accounts cause its total stockholders' equity to ______

Debits; decrease

The entry to record the borrowing of cash from a bank by signing a note

increases liabilities increases assets

During the accounting period, transactions are analyzed and recorded in the general ______ first

journal

The separate entity assumption assumes the balance sheet of a corporation reports

only the results of the business's activities

Liabilities that will be paid or fulfilled within 12 months are _________ liabilities

short-term or current