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Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16. 2. Aeronautic 8% bonds, maturing September 24, 2027, were issued at 96.99. (a) Were National Electric and Aeronautics bonds issued at a premium or a discount? (c) Prepare the journal entry to record the issue of each of these two bonds, assuming each company issued $899,900 of bonds in total.
Nance's Restaurant, a local independent restaurant, is evaluating new point-of-sale (POS) systems and must determine if a new installation is feasible. A new POS installation wou
Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
Define Carriage outwards.
Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
Accounting Standards The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform
what is meaning by parallel accounts
How to define Inter company Transaction in Account Receivable? Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar g
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
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