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12: Current Liabilities and Payroll

Last updated

Sep 27, 2024
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- 11.10: Exercises- Unit 11
- 12.1: Accounting for Current Liabilities

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Learning Objectives

By the end of this section, you will be able to:

Describe the accounting for payrolls, short-term financing devices, and other current liabilities.
Describe the occurrence and accounting for typical current liabilities.
Record in general journal form entries relating to notes payable.
Define contingent liabilities and discern when these should be recorded in the accounts, and when footnote disclosure is appropriate.
Record in general journal form transactions related to product warranties.
Describe payroll accounting.
Prepare general journal entries to accrue salaries and pay employees.

Prepare entries to accrue payroll-related taxes for employers.

Learning Objectives

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