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