When preparing a report form of a Balance Sheet for a mercha…

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:  Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).  What would be the Total Long-Term Liabilities for this Balance Sheet? LIABILITIES       Current liabilities:                     ______   Total current liabilities     Long-term liabilities:         ______ Total liabilities      

Assume that the chart of accounts for Roth Co. includes the…

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 7, the company received cash from customers on account $2,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $2,000 amount.  Date Description P.Ref. Debit Credit July 7 (1)   $2,000          (2)     $2,000  

Assume that the chart of accounts for Roth Co. includes the…

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 2, the company purchased equipment on account $15,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $15,000 amount.  Date Description P.Ref. Debit Credit July 2 (1)   $15,000          (2)     $15,000