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Ivahew [28]
3 years ago
10

When is liability insurance needed?​

Business
1 answer:
gtnhenbr [62]3 years ago
4 0

Answer:

When you cause an accident that damages another vehicle or hurts someone.

Explanation:

It Protects After an Injury.

After an injury accident has occurred on your company's premises, liability insurance can cover the cost of medical bills and other expenses incurred by the injured party. Without liability insurance, your company may be responsible for all of this and more.

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The Gorman Group issued $970,000 of 13% bonds on June 30, 2021, for $1,042,973. The bonds were dated on June 30 and mature on Ju
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Answer:

Entries are given below

Explanation:

Cash should be recorded as an asset on the issuance of bonds and bonds should be credited as it is a liability for the company. Interest expense should be debited on a semiannual basis

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                                                          DEBIT          CREDIT

Cash                                                 1,042,973

Bonds payable                                                     970,000

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December 31, 2021 ( interest expense)

                                                            DEBIT          CREDIT

Interest Expense                               62,578

(1,042,973 x 12% x 6/12)

Premium on bonds payable               472    

Cash                                                                          63,050

(970,000 x 13% x 6/12)

June 30, 2022 (interest expense)

                                                           DEBIT            CREDIT

Interest Expense                               62,550

(1,042,973-472) x 12% x 6/12)

Premium on bonds payable               500    

Cash                                                                             63,050

(970,000 x 13% x 6/12)

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True

Explanation:

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