Long-term liabilities or ____________________ are obligations ...

[Medesa]

Long-term liabilities or ___________________ _ are obligations that are not expected to be paid within a year and do not require the use of current assets.
 Fill in the blank(s) with correct word

Question 2

Indicate the normal balance of the account with a debit (DR) or credit (CR) and identify each account as permanent (P) or temporary (T).
 
  Account Normal
  balance Permanent or
  temporary
  1. Cash
  2. Accounts receivable
  3. Sales
  4. Unearned revenue
  5. Inventory
  6. Cost of goods sold
  7. Accounts payable

[Jsherida]

Answer to Question 1

long-term debt

Answer to Question 2

1. DR, P; 2. DR, P; 3. CR, T; 4. CR, P; 5. DR, P; 6. DR, T; 7. CR, P

[Medesa]

Wow, this really help

[vickyvicksss]

Thanks for the timely response, appreciate it