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If a company issues a note payable, what is the corresponding entry for the lender?
A customer pays \$5,000 in advance for a service to be provided over the next year. How should this transaction be recorded initially?
What is the primary reason for recording accrued expenses?
In a financial transaction, if a company records a note payable, what does the counterparty record?
A company signed a \$200,000, 6% 9-month note payable on April 1st. What is the adjusting entry for interest expense on December 31st of the same year?
On January 1st, a company signs a \$50,000, 10% 1-year note payable. What is the correct journal entry to record the acquisition of this note?
How do interest payment schedules typically differ between short-term and long-term notes payable?
How do employee benefits affect salary and wage expenses?
An employee has a gross pay of \$45,000. If the federal income tax withheld is \$6,750 and state income tax withheld is \$2,250, what is the net pay?
How do employer-sponsored retirement plans affect payroll expenses?
Why is it crucial for companies to accurately track and report sales tax payable?
Why is the current portion of long-term debt classified as a current liability?
Why is specific vocabulary important when discussing contingent liabilities?
How can companies use historical data to enhance financial planning for warranty costs?
How can offering warranties impact a company's financial statements?