Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Andean Pact, I believe it the correct answer! Hope it helps!
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:
Inquiry Letter
Sometimes a business can send this to a supplier to find out if they have a certain good in stock.
Purchase Requisition
This is a document used by a department in a company to request that those in charge of procurement acquire some goods for them.
Quotation
This is a document sent by a supplier to the prospective buyer informing them of the goods they have and their selling price.
Purchase Order
This is the document that shows a formal request for goods from a supplier.
Delivery Note
This is used to confirm that the buyer has received the goods they ordered. The buyer will typically sign this document to confirm receipt.
Invoice
A supplier prepares and sends this to the buyer to show them the goods they ordered and the prices so that the buyer knows how much they owe.
