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1 year ago

Detailed information about the financial statement elements is maintained in records commonly called?

Business

1 answer:

sergij07 [2.7K]1 year ago

4 0

Detailed information about the financial statement elements is maintained in records commonly called "Accounts'

An account in accounting is a general ledger entry that is used to categorize and record transactions. For example, businesses will have a Cash account where they may record each transaction that raises or reduces the amount of cash they have on hand.

Three different accounts exist.

Real account: It links assets and obligations; it excludes accounts for specific individuals. They continue every year.
Personal accounts link the accounts of people,
Businesses, and organizations. All accounts for income, spending, losses and profits are related by a nominal account.

To learn more about financial statements

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3 years ago

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Answer:

Instructions are below.

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3 years ago

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Answer:

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Explanation:

1. Preparation of the appropriate journal entry for the redemption of the bonds.

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Dr Bonds payable $158,000

Dr Loss on redemption of bonds payable $18,486

($161,160+$15,326-$158,000)

Cr Discount on bonds payable $15,326

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Cr Cash $161,160

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2. Preparation of the appropriate journal entry for the redemption of the bonds.

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