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g , is accounted with the passage of time. ? Ine Taxes Payable ? Payroll liability ? Payroll register is a special journal used for developing all of the information needed for processing and recording the payroll of a specific pay period. Example: p99 Notes Payable ? Unearned revenue ? A liability for unearned revenue arises when a customer pays in advance. ? Upon the receipt of an advance payment from customer, the pany debts cash and credits a liability account such as Unearned revenue, or customers’ deposit. Notes Payable LongTerm Liabilities ? Longterm obligations usually arise from major expenditures, such as acquisitions of plant assets, the purchase of another pany, or refinancing an existing longterm obligation which is about to mature. Maturing obligations intended to be refinanced ? One specific type of longterm liability is an obligation which will mature in the current period but which is expected to be refinanced on a longterm basis. ? If management has both the intern and the ability to refinance soontomature obligations on a longterm basis, these obligations are classified as longterm liabilities. Installment notes payable ? Purchase of real estate and certain types of equipment often are financed by the issuance of longterm notes which call for a series of installment payments. ? this installment may be due monthly, quarterly, semiannually, or at any other interval. ? Some installment notes call for installment payments equal to the periodic interest charges. Allocation installment payments between interest and principle ? In accounting for an installment note, the accountant must determine the portion of each payment that represents interest expense, an the portion that reduces an amortization table. ? Example: p101 ? Preparing an amortization table ? Using an amortization table ? The current portion of longterm debt Estimated L