Current Liabilities The following are accounts commonly used in accounting information systems: 1....
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Accounting
Current Liabilities
The following are accounts commonly used in accounting information systems:
1. Accounts payable
2.Saaries payable
3.Common stock
4.Current portion of long-term debt
5.Unearned revenue
6.Notes payable (due in 60 days)
7.Taxes payable
8.Allowance for doubtful accounts
9.Notes payable (due in 2 years)
Required: Identify whether each item would be classified on a balance sheet as a current liabiity, a long-term liability, or something else.
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