Using the Following Accounts

question 127

Short Answer

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transactions.
-Accrued interest on bonds which sold at face value.
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:

Unearned Revenue

Money received by a company for goods or services yet to be delivered or performed, considered a liability until the obligation is fulfilled.

Ticket Revenue

Income generated from the sale of tickets, commonly associated with events, performances, transport services, or attractions.

Fixed Asset

Long-term tangible assets used in the operations of a business that are not expected to be converted to cash within a year, such as machinery, buildings, and equipment.

Market Value

The existing price point for buying or selling an asset or service in the marketplace.