Using the Following Accounts

question 9

Short Answer

Using the following accounts:
[1]Cash
[2]Sinking fund
[3]Equipment
[4]Building
[5]Land
[6]Accounts payable
[7]Notes payable
[8]Bond payable
[9]Bond interest expense payable
[10]Premium on bonds payable
[11]Discount on bonds payable
[12]Common stock
[13]Retained earnings
[14]Sinking fund earned
[15]Bond interest expense
[16]Gain on retirement
[17]Loss on retirement
Indicate the account(s) to be debited and credited to record the following transactions.
-Retired bonds plus interest previously accrued when the retirement value was beneath the cost of retirement,cash was paid.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

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Definitions:

Inventories

Quantities of goods or materials on hand or in process of production for sale, including raw materials, work-in-progress, and finished goods.

Net Income

The total profit of a company after all expenses, taxes, and deductions have been subtracted from total revenue; also known as net profit or net earnings.

Asset Management

The systematic process of operating, maintaining, and upgrading assets cost-effectively, often referring to financial investments.

Resources Efficiency

The strategic use of materials and energy to maximize productivity while minimizing waste and environmental impact.