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d) credit to interest expense. 3. Current maturities of long-term debt a) require adjusting entries at the end of the period. b) should always include

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d) credit to interest expense. 3. Current maturities of long-term debt a) require adjusting entries at the end of the period. b) should always include accrued interest. c) are considered a current liability. d) all of the above 4. Which of the following is an estimated liability? a) Notes Payable b) Redemption Rewards Liability c) Provincial Sales Tax Payable allxeno no beesdatug need Ev d) Unearned Revenue 5. Recording estimated warranty expense in the year of the sale is best known as a) consistency of accounting policies. b) full disclosure of relevant information. c) matching expenses with revenue. d) recording all material items in the Financial Statements. sail on 6. Customer loyalty programs are used to attract and keep customers and when accounting for these programs all of the following statements are true, except for a) a contra sales account is used to show increases in revenues. b) a liability needs to be estimated. c) a customer's future savings results in a company liability. d) customer loyalty programs may also be referred to as incentive programs.3. A company with an operating line of credit has been pre-authorized by the bank to borrow money, up to a True Falsetto polbrough tb certain amount. 4. Interest expense should not be recorded prior to Work True maturity. False 5. Current maturities of long-term debt are identified True False on the balance sheet as current liabilities. 6. Under ASPE a contingent liability is recorded if it is True False likely and the amount can be reasonably estimated. 7. If the total receipts of $5,300 include 13% HST, True False the HST is equal to $518. Multiple Choice 1. When a company is overdrawn at the bank as a result of using its line of credit, the amount would be shown on the balance sheet as a) a current asset with a debit balance. b) a current asset with a credit balance. c) a contra account to accounts receivable. d) a current liability. 2. Recording accrued interest on a note payable would include a a) credit to cash b) debit to notes payable. c) credit to interest payable

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