On November 1, 2013, Archangel Services Issued $200,000 of 10-Year

question 138

Essay

On November 1, 2013, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at par and make semiannual payments on April 30 and October 31. At December 31, 2013, Archangel made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2014, when the first payment was sent out. Please provide the journal entry for this payment.

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Definitions:

Cultural Evolution

The process by which societies and cultures change over time through mechanisms such as innovation, transmission, and selection.

Cultural Transmission

The process through which cultural beliefs, practices, and values are passed down from one generation to the next.

Cultural Diffusion

The dissemination of social practices and cultural values from one community to another.

Inventions

Innovations or creations that are novel and beneficial, often changing existing methods, ideas, or devices.