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Explain current and long-term liabilities with examples

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Reference no: EM132594142

Question 1: Explain the following with examples in context of financial accounting

a) Types of Business

b) Receipt & Invoice

c) Current & Fixed assets

d) Current and long-term liabilities

Question 2: Make journal entries for the following transactions,

a) Mr. Ali started business with $ 50,000 (bank)

b) He purchased building for $ 10,000.

c) He purchased furniture for office $ 2,000.

d) He paid salary $ 1,000 from the business bank account.

e) He has received telephone bill $600 but not paid yet.

Reference no: EM132594142

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