Zahn Inc. sold 16,000 annual magazine subscriptions for $15 during December 20Y4. These new subscribers will receive

Question:

Zahn Inc. sold 16,000 annual magazine subscriptions for $15 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $48,000, 180-day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, Zahn Inc. had of $21,500 and accrued wages payable of $6,100.
Prepare the Current Liabilities section of the for Zahn Inc. on March 31, 20Y5.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...