Journalize the following transactions: 1. Set up a bond sinking fund with an initial deposit of $7,000.
Question:
Journalize the following transactions:
1. Set up a bond sinking fund with an initial deposit of $7,000.
2. Earned $230 interest on sinking fund balance.
3. Sinking fund of $25,000 was used to pay off bondholders in the amount of $25,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
1 Bond Sinking Fund 7000 Cas...View the full answer
Answered By
Akash Goel
I am in the teaching field since 2008 when i was enrolled myself in chartered accountants course
Since then i have an experience of teaching of class XI, XII, BCOM, MCOM, MBA, CA CPT.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Question Posted:
Students also viewed these Business questions
-
Journalize the following transactions: a. Set up a bond sinking fund with an initial deposit of $6,200. b. Earned $160 interest on sinking fund balance. c. Sinking fund of $23,000 was used to pay off...
-
Journalize the following transactions: a. Set up a sinking fund with an initial deposit of $6,900. b. Earned $240 interest on sinking fund balance. c. Sinking fund of $17,000 was used to pay off...
-
a. Using the data in the income statement and the balance sheet that follow, compute the companys average collection period (ACP) in days. Use a 365-day year when calculating sales per day. b....
-
You have obtained the following share prices from Yahoo Finance. Company 1 is listed on the London Stock Exchange. You want to estimate the beta value for Company 1. You run a regression of the share...
-
Interest rate parity for FC/$: With the input data in Table Q19.1: (a) Using Case A, illustrate interest rate parity conditions as in the text. (b) Using Case B, illustrate interest rate arbitrage...
-
Summary of the Business Processes with Rationale for New System Development An advocacy group has hired an IS developer company to develop an information system to support operations of a bike...
-
How do you draw the line between what is too detailed for the bylaws and what processes should be explained in that document? Why is this an issue?
-
The standard heat of reaction for the combustion of liquid n-nonane to form CO2 and liquid water at 25C and 1 atm is H = 6124 kJ/mol. (a) Briefly explain what that means. Your explanation may take...
-
Given an order cost of $100, a, per period holding cost of $.50, and the following requirements schedule: Pd 1 2 3 4 5 6 Dmd 120 80 80 70 100 60 For which period will the second order be submitted...
-
Reconstruct the syllogistic forms from the following combinations of mood and figure: 1. OAE-3 2. EIA-4 3. AII-3 4. IAE-1 5. AOO-2 6. EAO-4 7. AAA-1 8. EAO-2 9. OEI-3 10. OEA-4
-
Facts: Bond issue: $104,000, 11%, 25-year bonds; selling price of bonds $249,600; market rate 3%. Use the interest method. Calculate the following: 1. Carrying value at beginning of period 2....
-
Boice Corporation and Hamlin Corporation have both earned $180,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. The bond...
-
Adriana Lopez, owner of Success Systems, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will...
-
6. Gate Appliances has a return on assets ratio of 8%. a. If the debt to total assets ratio is 40%, what is the return on equity? b. If the firm had no debt, what would the return on equity be?
-
On December 31, 2009, the stock of Alpha Associates was trading at $37.90. The following information is provided. Calculate Alpha's trailing and forward P/E ratio. Calculate the: a. trailing P/E...
-
A laptop is a common fixture in most Ontarian households. Indeed, most Ontarian households have laptops, and many of them have more than 1. A sample of 12 Ontarians households produced the following...
-
When Daysa graduates from college next week, he plans to buy a new car that costs $37,000. He will finance the entire purchase price with an automobile loan from his credit union. The loan, which...
-
Maize (corn) is used for an experiment. The P1 cross of true breeding starchy purple x sweet colorless resulted in all starchy and purple F1. The F2 is as follows: 88 starchy and purple, 32 starchy...
-
PROJECT STEPS 1. Lizzy is the manager of Cozy Movies, a small local movie theater that has been in business for a very long time. She would like to keep track of the theater's sales and expenses from...
-
4. Jobe dy -Y 2 et by
-
Jack Lang operates Jacks Cleaning Service in Victoria. As the bookkeeper, you have been requested to journalize the following transactions: Your task is to journalize the above transactions. The...
-
On June 2, 2014, Betty Rice opened Bettys Art Studio in Toronto. The following transactions occurred in June: Required a. The ledger is already set up for you based on the Chart of Accounts. b....
-
In April 2013, Jack Lang opened a new cleaning service in Victoria. Please assist him by journalizing the following business transactions: The chart of accounts for Jacks Cleaning Service includes:...
-
can you please help me solve? For the coming year, Stock A has a 10% chance of losing 25%, a 20% chance of losing 6%, a 60% chance of making 15% and a 10% chance of making 50%. What is the standard...
-
Given the following histogram, what is the shape of the distribution
-
DRE Co. uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labour cost for the Assembly department and on machine hours for the...
Study smarter with the SolutionInn App