What Is the Carrying Value of the Bonds as of December

question 103

Multiple Choice

What is the carrying value of the bonds as of December 31, 2014?

• A)$11,432,379.
• B)$11,375,350.
• C)$11,316,611.
• D)$11,256,109.

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Definitions:

Owner's Capital

The total assets contributed by the owner of a company plus the retained earnings minus withdrawals made by the owner.

Journalize Closing Entries

The process of recording year-end closing entries in the journal to prepare the accounts for the next fiscal period.

Adjusting Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Post-Closing Trial Balance

A listing of all company account balances after end-of-period adjustments and closing entries have been made, used to check the balance of debits and credits.