ACC 205 Week 4 Exercise 3 Current liabilities entries and disclosure
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Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
| 12/1 | Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. |
| 2/10 | Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit. |
| 12/22 | Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. |
| 12/26 | Borrowed $5,000 from First City Bank; signed a note payable due in 60 days. |
| 12/31 | Repaired six XY-80s during the month at a total cost of $162. |
| 12/31 | Accrued 3 days of salaries at a total cost of $1,400. |
Instructions
- Prepare journal entries to record the transactions.
- Prepare adjusting entries on October 31 to record accrued interest.
- Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
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