The journal entry for the retirement of bonds will affect a debit to Bonds Payable and Premium on bonds payable accounts for an amount of $400,000 and $12,000 respectively; and a credit in the balances of Cash and Gain on retirement of bonds accounts for a sum of $408,000 and $4,000 respectively.
<h3>What is journal entry?</h3>
The systematic manner of record-keeping of financial transactions in a business in the chronological order of their occurrence is known as a journal entry. A journal entry has an equal amount of debit and credit effects.
Hence, the significance of a journal entry has been aforementioned.
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Answer:
A) (I) is true, (II) false.
Explanation:
Nonbank loans are loans handed out by nonbank financial institutions that do not take money deposits from clients (e.g. checking and savings accounts) like regular commercial banks or credit unions do. An example of nonbank loans are payday loans. Nonbank financial institutions offer a large variety of services besides loans, e.g. private education funding, retirement planning, trading in money markets, underwriting stocks and shares.
Answer:
Bribery
Explanation:
Bribery is an act of influencing someone's behavior to obtain an undue advantage through giving or receiving unearned rewards .It can be in the form of gifts , money , preferred treatment , and other form of favor , but what actually defines a bribe is the intention behind the gifts.
It has a lot of negative effects either directly or indirectly on the public as it undermines equity , efficiency , integrity in the public service , undercut public confidence in markets , adds to transaction cost and effects the safety and well being of the general public .