Edmund O'Mally Associates reported short-term notes payable and salaries payable as follows:E (Click the icon to view the short-term notes payable and salaries payable.)During 2018, O'Mally paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Mallyduring 2018. Assume no interest on short-term notes payable of $15,500. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)- XJournalize the borrowing of the short-term notes payable in 2018.Data tableDebitCreditDateAccounts and Explanation201820182017Current Liabilities-partial:2$17,300 $15,500Short-term Notes Payable3,9003,700Salaries PayableJournalize the accrual of the salaries expense for 2018.Accounts and ExplanationDebitCreditPrintDoneDate2018 Edmund O'Mally Associates reported short-term notes payable and salaries payable as follows:E (Click the icon to view the short-term notes payable and salaries payable.)During 2018, O'Mally paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Mallyduring 2018. Assume no interest on short-term notes payable of $15,500. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Journalize the payoff of the short-term notes payable from 2017.Data tableDateAccounts and ExplanationDebitCredit201820182017Current Liabilities-partial:Short-term Notes Payable$17,300 $15,500Salaries Payable3,9003,700Journalize the payment of the salaries payable from 2017.DateAccounts and ExplanationDebitCredit2018PrintDone

>Journal entries are used to record the business transaction in financial accounting.>The…

Edmund O'Mally Associates reported short-term notes payable and Salales payable as E (Click the icon to view the short-term notes payable and salaries payable.) During 2018, O'Mally paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Mally during 2018. Assume no interest on short-term notes payable of $15,500. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Data table Journalize the borrowing of the short-term notes payable in 2018. Debit Credit Date Accounts and Explanation 2018 2018 2017 Current Liabilities-partial: 2$ 17,300 $ 15,500 Short-term Notes Payable 3,900 3,700 Salaries Payable Journalize the accrual of the salaries expense for 2018. Debit Credit Print Done Date Accounts and Explanation 2018

Edmund O'Mally Associates reported short-term notes payable and Salales payable as E (Click the icon to view the short-term notes payable and salaries payable.) During 2018, O'Mally paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Mally during 2018. Assume no interest on short-term notes payable of $15,500. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Data table Journalize the borrowing of the short-term notes payable in 2018. Debit Credit Date Accounts and Explanation 2018 2018 2017 Current Liabilities-partial: 2$ 17,300 $ 15,500 Short-term Notes Payable 3,900 3,700 Salaries Payable Journalize the accrual of the salaries expense for 2018. Debit Credit Print Done Date Accounts and Explanation 2018

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.2E

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