Record the short-term note payable in a separate account from the long-term note payable.
Record the short-term note payable in a separate account from the long-term note payable. [ad_1] ubject: Business / Accounting Record liability-related transactions) The following transactions of Smooth Sounds Music Company occurred during 2012 and 2013: 2012 Mar 3 Purchased a piano (inventory) for $50,000, signing a six-month, 8% note payable. May 31 Borrowed $85,000 on […]