During 2014, O Sullivan paid off both current liabilities that were left over from 2013, borrowed money on short term notes payable and accrued salaries expense. Journalize all four of these transactions for O Sullivan during 2014. Assume no interest on short-term note payable of $15300.
Journalize the payoff of the short term notes payable from 2013.
Journalize the payment of the salaries payable from 2013
Journalize the borrowing of the short term note payable in 2014
Journalize the accrual of the salaries expense for 2014.
Title of account Debit Credit 1$ Notes Payable 15,300$ 15,300 $ 3,400 $ Cash 17,100 $ 3,700 To record payment of notes payable2 $ Salaries Payable 3,400 CashTo record payment of salaries…