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Prepare journal entries to record the following retirement.
The December 31, 2012 balance sheet of Wolfe Co. Included the following items:
7.5% bonds payable due December 31, 2020 $1,600,000 Unamortized discount on bonds payable 64,000 The bonds were issued on December 31, 2010 at 95, with interest payable on June 30 and December 31 (use straight line amortiZation.) On April 1, 2013, Wolfe retired $320,000 of these bonds at 101 plus accrued interest. |
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Bill goetz opens a computer consulting busiess called BG consultants and complete the following instractions completed service for a claint and immedatiely received $8,500cash, completed an $8000 project for client,who will pay within 20 days,paid $5500 cash to settle the account payable created on may 2,
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The first transaction is:
Debit Cash for the amount received Credit Service Revenue for the same amount The second transaction is: Debit Accounts Receivable for the amount billed Credit Service Revenue for the same amount The third transaction is: Debit Accounts Payable for the amount paid Credit Cash for the same amount |
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