Answer and Explanation:
The journal entries are shown below:
On Jan 1
Cash	$500,000
           To Bond Payable  $500,000
(Being the issuance of the bond is recorded)
On Dec 31
Bond Payable	$500,000
Loss on redemption	$15,000    ($500,000 × 3%)
           To Cash    ($500,000 × 103%)  $515,000
(Being the redemption of the bond is recorded and the remaining balance or we can say balancing figure is debited to loss on redemption)
 
        
             
        
        
        
Answer:
B. July
Explanation:
The principle of revenue recognition arises whenever the income is realized or earned whether cash is collected or not and it also supports the accounting accrual basis. Realizable here means that the customer obtains the product however the payment is made afterward.
So, in the given case, the service is provided in the July month and the same is to be recorded on the July month
 
        
             
        
        
        
Answer:
Direct material price variance= $5,000 unfavorable
Explanation:
Giving the following information:
Standard cost per unit 3 pounds at $2 per unit
Actual cost per unit 2.5 pounds at $3 per unit 
During the month, 5,000 pounds of raw materials were purchased.
<u>To calculate the direct material price variance, we need to use the following formula:</u>
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2 - 3)*5,000
Direct material price variance= $5,000 unfavorable
 
        
             
        
        
        
c) a big recording company buys a small independent label
It is typical in capitalistic economies for larger companies to buy out their competition, absorbing smaller companies. This kind of economic change can result in large changes in management for the smaller companies because the company that now owns them may hire or fire people based on what they feel best meets the needs of the newly acquired company.