May 11th, 2015
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Week 3 ReflectionACC291Week 3 ReflectionTeam B was discussing what they have learned in week two. Team B learned many things. One thing we discussed was how to distinguish between accounts payable, notes payable,and accrued expenses. Second, team B can prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts. Third, team B discussed how to calculate depreciation and amortization expense using various methods. Finally, we discussed how all these things relate to the practice of accounting and there uses in business.Accounts payable is when companies have liabilities that need to be paid and usually are paid on a monthly basis until the liability is paid in full. Also, accounts payable is most frequently used for long term financing needs. Notes payable is are used for short term f

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