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Siburo Company issued $300,000, 11%, 10 year bond on January 1, 2010 for $318,694. This price resulted in an effective interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Siburo uses the effective interest metod to amortize bond premium or discount.
Instructions: Prepare the journal entries to record the following (Round to the nearest dollar). (a) The issuance of the bonds. (b) The payment of interest and the premium amortization on July 1, 2010, assuming that interest was not accrued on June 30. (c) The accrual of interest and the premium amortization on December 31, 2010
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Assuming that Castro uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. Illustrate at what amount would the purchase on February 1 be recorded if the net method were use..
Calculate the receivables turnover ratio and average collection period for 2009. (Use ?oNet Product Sales.?? Assume all sales were credit sales.)
the White Sox head groundskeeper, scouted nationwide for dirt before settling on the mix provided by Partac Peat. First time Roger Bossard purchased Partac Peat, it was most likely an example of which type of buying situation?
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