A farmer grows wheat, which she sells to a miller for $100. the miller turns the wheat into flour, which she sells to a baker fo
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Interest on notes payable will be a liability as it is accrued. It will still be accounted from the expenses however.
Services is a revenue stream that was not recorded so it will go to Accounts Receivable and Revenue.
Salaries unpaid will become a liability and an expense in the income statement.
