An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue.
32) An accrued expense is an expense incurred by the company but not yet paid in cash.
33) Sales tax payable is an estimated liability arising out of sales revenue that has been reported on the income statement.
34) The matching principle requires that warranty expense be incurred in the same period that the sales revenue is recognized.
35) A contingent liability is an actual liability, with the dollar amount of the liability dependent on a future event arising out of a past transaction.
36) A contingent liability that has a remote chance of occurrence should be disclosed in the financial statement footnotes.
37) A contingent liability that has a probable chance of occurrence should be disclosed in the financial statement footnotes.
38) Unearned revenues occur when a company receives cash from customers before earning the revenue.
39) Solvency Limited purchased equipment costing $150,000 on October 1, 2010, by paying 10% down and signing an 8%, 9-month note payable for the balance. Solvency Limited's year end is December 31.
a.Prepare journal entries to record the purchase of the equipment, the accrual of interest on December 31, and the payment of the note at maturity.
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