Business Administration 2257 Study Guide - Midterm Guide: Trial Balance, Common Stock, Retained Earnings
9 Apr 2015
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The purpose of this case is to give you more practice dealing with transactions related to bonds payable. Your job in this case is to do the following: Record all opening balances, transactions, and adjusting entries in t-account form for the fiscal year ended. This tutorial will help you determine how to account for each of the bond payable transactions outlined in the case (interest payments/accruing interest, bond recalls, maturing bonds). The use of timelines is strongly encouraged in this case. The solution will be organized by timeline, covering the transactions relating to the 7. 5% bond payable first and then moving on to the 5. 5% bond payable. At the end of the tutorial there is an faq section that you might find helpful. If you have any other questions, email your instructor. Before recording transactions, you must first record the opening balances given to you on the partial balance sheet.
