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Question - Record Journal Entries up to first interest payment date only.
I. On November 1, 2012, Horton Co. purchased Lopez, Inc., 5-year, 9%, bonds with a face value of P5, 000,000. The bonds mature on July 1, 2016. The bonds are valued at 12% on issuance date.
II. Use all information from the problems above. Record the necessary entry/entries on derecognition/reclassification of the investment in bonds.
Horton co. sold all the bonds @101 on November 1, 2015.
On July 4, Freedom sold $95,000 of inventory items on credit with the terms 2/10, net 30. Record the entry on July 30.
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Mix Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $1,200 and the other, $1,500. One of the items was sold during the yea..
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1 a sales discount correctly taken by the charge customer was debited to sales at the time the entry was recorded. this
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