Answer and Explanation:
The journal entries are shown below:
On May 1
Cash $840,000
To 4% Bonds Payable $840,000
(Being the issued of the face value is recorded)
On Nov 1
Interest Expense $16,800
To Cash A/c $16,800
(Being the interest expense is recorded)
The computation is shown below:
= $840,000 × 4% × 6 months ÷ 12 months
= $16,800
On Dec 31
Interest Expense $5,600
To Interest Payable $5,600
(Being the accrued interest is recorded)
The computation is shown below:
= $840,000 × 4% × 6 months ÷ 12 months
= $5,600
Answer:
b. prioritize and make a budget.
Explanation:
Comprehending the drive and purpose behind one's objectives will help broaden their mind and allow people to think about why they set the targets initially. Financial priorities are perfect because they're helping people establish an ambitious plan for their life to move ahead. To balance competing financial objectives, one needs to think about which goals are already in place, which ones may be pending for a few years, and what adjustments one might like to add to their budget.
payable = money owed by a company to its creditors
receivable = money owed to a company by its debtors.
