Which one of the following documents is used in the control of cash receipts?
a. Purchase requisitions
b. Receiving reports
c. Canceled checks from customers
d. Bank deposit slips
d
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On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the issuance of the bond is:
A. Debit Cash $400,000; debit Discount on Bonds Payable $16,207; credit Bonds Payable $416,207. B. Debit Cash $383,793; debit Premium on Bonds Payable $16,207; credit Bonds Payable $400,000. C. Debit Cash $383,793; credit Bonds Payable $383,793. D. Debit Bonds Payable $400,000; debit Bond Interest Expense $16,207; credit Cash $416,207. E. Debit Cash $383,793; debit Discount on Bonds Payable $16,207; credit Bonds Payable $400,000.
On January 1, a company issued 10%, 10-year bonds with a par value of $720,000. The bonds pay interest each July 1 and January 1. The bonds were sold for $817,860 cash, based on an annual market rate of 8%. Prepare the issuer's journal entry to record the first semiannual interest payment assuming the effective interest method is used.
What will be an ideal response?
Neighborly Insurance Company and Ollie put their agency agreement into a written document that describes the rights and duties of both parties. Ollie, as the agent, has
A. apparent authority. B. equal authority. C. express authority. D. implied authority.
An annuity is a stream of equal payments
Indicate whether the statement is true or false