By the end of this section, you will be able to:
- Describe the accounting for payrolls, short-term financing devices, and other current liabilities.
- Describe the occurrence and accounting for typical current liabilities.
- Record in general journal form entries relating to notes payable.
- Define contingent liabilities and discern when these should be recorded in the accounts, and when footnote disclosure is appropriate.
- Record in general journal form transactions related to product warranties.
- Describe payroll accounting.
- Prepare general journal entries to accrue salaries and pay employees.
- Prepare entries to accrue payroll-related taxes for employers.