Using the Following Accounts

question 90

Short Answer

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transactions.
-Deposited cash in a bond sinking fund.
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:

Canadian Organizations

Entities, either for-profit or non-profit, that are registered and operate within Canada, following Canadian laws and regulations.

Turnover

The rate at which employees leave a workforce and are replaced by new personnel.

Variable Pay

A compensation strategy where an employee's earnings fluctuate based on performance or results achieved.

Performance Measure

Metrics or indicators used to assess the efficiency, effectiveness, and productivity of an employee, team, or organization.