Using the Following Accounts

question 38

Short Answer

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transactions.
-Retired bonds plus interest previously accrued when the book value was above the cost of retirement, cash was paid.
Debit ________ & ________ Credit ________ & ________
A)Cash
B)Bond Sinking fund
C)Equipment
D)Building
E)Land
F)Accounts payable
G)Notes payable
H)Bond payable
I)Bond interest payable
J)Premium on bonds payable
K)Discount on bonds payable
L)Common stock
M)Retained earnings
N)Sinking fund earned
O)Bond interest expense
P)Gain on retirement
Q)Loss on retirement

• A)Cash
• B)Bond Sinking fund
• C)Equipment
• D)Building
• E)Land
• F)Accounts payable
• G)Notes payable
• H)Bond payable
• I)Bond interest payable
• J)Premium on bonds payable
• K)Discount on bonds payable
• L)Common stock
• M)Retained earnings
• N)Sinking fund earned
• O)Bond interest expense
• P)Gain on retirement
• Q)Loss on retirement

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Definitions:

Extrinsic Reward

A reward given by an external source, such as money or praise, which motivates certain behaviors or actions.

End-of-Year Bonus

A monetary incentive given to employees at the end of the calendar year, often based on company performance, profitability, or individual achievement.

Nonmonetary

Pertains to benefits, rewards, or compensation that do not involve financial remuneration.

Genetically Identical Copy

An organism, cell, or piece of genetic material that is exactly the same in genetic composition as the one from which it was derived, as in cloning.