Chapter 9

ACCOUNTING FOR NOTES PAYABLE,
PREPAID EXPENSES AND ACCRUED EXPENSES

ESSENTIAL QUESTIONS

How are journal entries recorded for borrowing money with a note payable? How is the maturity date calculated for a note payable? How is interested calculated for a note payable? What is the journal entry for paying a note payable? What are prepaid expenses? How do you journalize adjusting and reversing entries for prepaid expenses? What are accrued expenses? How do you journalize adjusting and reversing entries for accrued expenses?

TERMS FOR CHAPTER 9

- promissory note - notes payable - date of a note - principal of a note - maturity date of a note - interest

- interest rate of a note - interest expense - maturity value - prepaid expenses - reversing entry - accrued expenses

ASSIGNMENTS

Define Terms for the Chapter Notes Payable Read pp. 250-255 View PowerPoint presentation intro and 9-1 1. Complete On Your Own problem p. 255 2. Work on Study Guide 9 Time 2 days Prepaid Expenses Read pp. 256-261 View PowerPoint presentation 9-2 1. Complete On Your Own problem p. 261 2. Continue to Work on Study Guide 9 Time 2 days Accrued Expenses Read pp. 262-268 View PowerPoint presentation 9-3 1. Complete On Your Own problem p. 268 2. Complete Study Guide 9 Time 2 days

Automated Accounting Problems 1. Complete Application Problem 9-1 p. 270 2. Complete Mastery Problem 9-4 p. 271 Time 4 days Chapter Nine Internet Activity Automated Accounting Calculating Notes and Interest using Planning Tools p. 274 print the note analysis report Time 3 days All Chapter 9 assignments must be handed in by May 12th. No Exceptions.