Using the Following Accounts

question 80

Short Answer

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transactions.
-Accrued interest on bonds which sold beneath face value.
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:

Formalized Organizations

Organizations characterized by established procedures and rules, clear hierarchies, and well-defined roles and responsibilities.

Rules

Specific guidelines or regulations designed to dictate behavior or procedures within a particular context or organization.

Regulations

Rules or directives made and maintained by an authority to regulate behavior; they can apply to individuals, industries, and organizations.

Functional Structures

An organizational structure where the company is divided into departments based on specific functions or roles, such as marketing, finance, or human resources, enhancing specialization and efficiency.