Day 49 - Study for Ch 10 Retake

1. Find a new partner and move to a new seat.

2. Interview each other about the following:
• Can you tell me different types of current liabilities?
• Give examples of different long-term liabilities.
• What is the difference between current and long-term liabilities?
• Which account is typically the largest current liability?
• What is the formula for calculating simple interest?
• How do you calculate the maturity value of an interest bearing note?
• What type of note has the interest deducted from the face value on the issue date?
• Bonus question: What do you call a person that loans money to someone else?
• Bonus question: What is the journal entry for exchanging an accounts payable for an interested-bearing note payable?
  
3. Watch these short videos if you need a refresher:
• Current Liabilities (4:51)
• Notes Payable (8:52)
4. Re-interview each other