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Key Financial Concepts and Journal Entries in Business Accounting

This guide covers essential financial concepts related to accounting for businesses. It addresses interest calculations on notes payable, journal entries for borrowing funds, current liabilities, tax payments like FUTA, SUTA, and FICA, and various accounting entries for dividends and stock transactions. The document also highlights important financial instruments, such as pension plans and warranty liabilities, alongside their respective accounting requirements. Perfect for students and professionals looking to strengthen their understanding of business finance.

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Key Financial Concepts and Journal Entries in Business Accounting

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  1. GAME

  2. 1 • The interest charged by the bank of 5% on a 90 day note payable of $10000 is:

  3. 2 • Journal entry when a company records a note to borrow funds for the business.

  4. 3 • Current liability needs to be paid in what time period?

  5. 4 • Current portion of long term debt would be classified as what?

  6. 5 • Who pays FUTA and SUTA tax?

  7. 6 • Who Pays FICA tax?

  8. 7 • A pension plan which requires the employer to promise a certain amount of future pension payments is:

  9. 8 • What is the journal entry to record vacation expense?

  10. 9 • What is the stock called when a company buys back its own stock?

  11. 10 • What is the entry when a company issues its stock above par?

  12. 11 • What is the journal entry for dividends on the declaration date?

  13. 12 • What is the journal entry for dividends on the date of record?

  14. 13 • What is the journal entry when dividends are paid out?

  15. 14 • The primary purpose of a stock split?

  16. 15 • What are the two components of an extraordinary item?

  17. 16 • When should a product warranty liability be recorded?

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