Chapter 9- Liabilities long-term liabilities. 1. Know the differences between current liabilities and 2. Journalize the following: a) Purchased merchandise for resale on account for $10,500. of b) Rented out an office building and received 2 months of rent in advance for a total c) $8,000. on June 1. Borrowed $35,000 in the form of a 12 month, 7% note d) Purchased supplies for the business on account for $2,000. income tax is 15%, e) During the month, employees earned wages of $45,000. Federal FICA is 7.65%, FUTA is 0.8%, and SUTA is 5.4%. f) Paid employees. sales tax rate of 6%. g) Total cash received for sales is $200,000. There is a 3. What is carrying value