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SSSSS [86.1K]
3 years ago
12

Grouper Corp. retires its $640000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying v

alue of the bonds at the redemption date is $663970. The entry to record the redemption will include a________
Business
1 answer:
AleksAgata [21]3 years ago
4 0

Answer:

Explanation:

The journal entry is shown below:

Bonds payable A/c Dr $640,000

Premium on bonds payable A/c Dr $23,970

Loss on bonds redemption A/c $8,030

         To Cash A/c $672,000                     ($640,000 × 1.05)

(Being the redemption of bond is recorded and the remaining balance is debited to the Loss on bonds redemption account)

The Premium on bonds payable is computed below:

= Carrying value of the bonds - face value of the bond

= $663,970 - $640,000

= $23,970

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3 years ago
When accounting for the general fund, the encumbrances control account is credited when:_____.
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When accounting for the general fund, the encumbrances control account is credited when: purchase order is filled or canceled.

<h3>What do you mean by general fund?</h3>

A general fund is defined as the fund which is known as the primary operating fund of a governmental unit. Most of the usual activities are supported by general fund.

On the other hand, the encumbrance control account is defined as settlement under which the some amount of money keep aside to meet the anticipated expenses.

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11 months ago
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