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2 years ago

Adjusting entries always include:________

Business

1 answer:

Sliva [168]2 years ago

7 0

Adjusting entries always include c. at least one income statement account and one balance sheet account.

<h3>What is Adjusting entries?</h3>

Adjusting entries can be described as those changes that is been made on the journal entries that have already been recorded.

This is usually done so as to make sure that the numbers that have been recorded match up to the correct accounting periods.

It should be noted that Journal entries is been used to track how money moves as well as how it enters the business, hence Adjusting entries always include c. at least one income statement account and one balance sheet account.

Therefore, option C is correct.

Find out more on Adjusting entries at brainly.com/question/13933471

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4 years ago

Assume that on January 1, 2019, after paying interest, Colaw Company calls bonds having a face value of $1,200,000. The call pri

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The following is taken from the Colaw Company balance sheet. line premisam amortization, COLAW COMPANY Balance Sheet (partial) December 31, 2017 and redemption of bonds LO 5) Current liabilities Interest payable (for 12 months from January 1 to December 31) 210,000 Long-term liabilities Bonds payable, 7% due January 1, 2028 Add: Premium on bonds payable $3,000,000 200,000 3,200,000 682 15 Long-Term Liabilities Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for any bond premium or discount. From December 31, 2017, the bonds will be outstanding for an additional 10 years (120 months).

The journal entry is as follows

Bond payable $1,200,000

Premium on bond payable $72,000

To Cash $1,212,000 ($1,200,000 × 101%)

To Gain on redemption of bonds $60,000

(Being the redemption of the bond is recorded)

The premium on bond payable is

= ($200,000 - $20,000) × $1,200,000 ÷ $3,000,000

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