Using the Following Accounts

question 95

Short Answer

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transactions.
-Recorded the interest earned on the 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:

W-3 Transmittal Form

A tax document used in the U.S. to summarize the total earnings, Social Security wages, Medicare wages, and withholding for all employees for a year, accompanying the W-2 forms sent to the IRS.

Correct TIN

Refers to ensuring the accuracy of a Taxpayer Identification Number, which is necessary for tax reporting and compliance purposes.

W-9

An IRS form used by individuals to provide their taxpayer identification number to entities that will pay them income during the tax year.

FUTA Taxes

Federal Unemployment Tax Act taxes that employers pay to help fund state workforce agencies.