Using the Following Accounts

question 29

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 above 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:

Express Authority

The power explicitly given to an agent or employee to act on behalf of a principle or employer.

Implied Authority

A form of authorization assumed to be given by a principal to an agent as part of the agent's role, even if not explicitly stated.

Excessive Force

The application of an amount and/or frequency of force greater than that required to comply with law enforcement or legal requirements.

Privileged

Refers to having special rights, advantages, or immunities that are not available to everyone.