Question

Chapter 11

3).

Eli O'Henry Associates reported short-term notes payable and salaries payable as follows: (Click the icon to view the short-term notes payable and salaries payable.) During 2018, O'Henry 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'Henry 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.) Journalize the payoff of the short-term notes payable from 2017. X Х i Data Table Date Accounts and Explanation Debit Credit 2018 2018 2017 Current Liabilities—partial: Short-term Notes Payable 17,300 15,500 Salaries Payable 3,600 3,800 Print Done

Answer 1

Journalise Entries in the books of O'Henry Associates:-

Date	Accounts & Explanation	Debit($)	Credit($)
2018	Short Term Note Payable A/c...............................Dr. To Cash A/c (Being amount of short term notepaybale of 2017 paid off)	15500	15500
2018	Accured Salaries Expesne A/c............................Dr. To Cash A/c (Being Amount of Accured Salaries Expense of 2017 paid off)	3800	3800
2018	Cash A/c.............................................................Dr. To Short Term Note Payable A/c (Being Amount of Short term notepayable Borrowed)	17300	17300
2018	Salaries Expense A/c........................................Dr. To Salaries Payable A/c (Being Amount of Salaries Expense Outstanding)	3600	3600
2018	Interest Expense A/c.........................................Dr. To Interest Payable A/c (Being Amount of Interest Expense outstanding)	15500	15500