Using the Information Below, Write the Journal Entry to Record

question 79

Essay

Using the information below, write the journal entry to record the payment of the bond on the maturity date.
A $250,000 issue of bonds that sold for $275,000 matures on June 25, 2020.

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Definitions:

U.S. Dollars

The official currency of the United States, which is used as a standard monetary unit for various international transactions.

Foreign Trade Zone

A designated location within a country where goods can be imported, stored, and processed without being subject to import duties until they enter the domestic market.

U.S. Customs Territory

Refers to the geographic area where U.S. laws, especially those related to import duties and tariffs, are in full effect.

Duty Rate

The tax imposed on imports and exports, usually calculated as a percentage of the value.