Journalizing current liabilities [15 min]
Edmund O’Mally Associates reported short-term notes payable and salary payable as follows:
2012 | 2011 | |
Current liabilities (partial) |
|
|
Short-term notes payable | $ 16,400 | $ 15,600 |
Salary payable | 3,400 | 3,100 |
During 2012, O’Mally paid off both current liabilities that were left over from 2011, borrowed money on short-term notes payable, and accrued salary expense.
Requirement
1. Journalize all four of these transactions for O’Mally during 2012.
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