18 The company paid Reyes Machines Corporation for the promissory note due today. Dr Cr To record 23 On December 23, Juanito Cruz, withdrew P30,000 cash for his own personal use. Dr Cr To record 27 On December 27, Santiago Santos gave the company only P5,000 cash in payment of his account due today. He issued a promissory no for the remaining unpaid balance. Dr Cr To record 30 The shop received a total of P48,500 cash for various car repairs finished and billed during the week. Dr Cr To record 31 The company paid the following: transportation P1,700, telephone bill P800, electricity bill P5,100 and other disbursements for various small expenses P560. Dr Cr To record 31 The company paid the end of the month wages of the three mechanics and salary of the bookkeeper-secretary. Dr Cr To record

Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory   REQUIRED: List the accounts above that would normally have a credit balance

(24) Which account would be reported on the income statement? A. Interest Expense B. Notes Payable C. Interest Payable D. Wages Payable

On October 1, Hughes Company paid $12,000 for two years of insurance in advance. Hughes Company recorded the transaction by debiting Prepaid Insurance and crediting Cash. Required:Journalize the adjusting entry on December 31.

Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way.   How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?