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.
Learn more about a journal entry here:
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- How to group task into individual jobs
- How to group jobs into functions and divisions
- How to allocate authority and coordinate or integrate functions and divisions.
Answer: Cost of Goods Sold.
Explanation: Cost of goods sold which is considered to be an expense account is a temporary account and they are being closed at the end of the year.
Closing of this account creates an access that lowers the value of the cost of goods some to zero and also helps to make sure the balances match. This is done by transporting the debit balances in the account to a clearing account which is thus called income summary.
Answer: $11,800
Explanation:
Cashflow inflow from Customers is calculated as follows
Cash flow from customers = beginning account receivable + Credit sales - ending Account receivable.
Plugging in figures would give us,
= 3,360 + 10,640 - 2,200
= $11,800
$11,800 is the amount of cash inflow from customers that would appear in the operating activities section of the cash flow statement.
You may wonder what happened to the uncollectible accounts expense amounted of $940. It was meant to confuse you. That figure is dealt with before the ending Account Receivable balance is computed.
Answer:
homestead act
Explanation:
A creditor holding a note for a car loan cannot foreclosure on an owner's home if protected by homestead act.