This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following accounts is NOT used to account for merchandise sales transactions? a. Sales ... (Read 94 times)

cagreen833

  • Hero Member
  • *****
  • Posts: 544
on: Jul 5, 2018
Which of the following accounts is NOT used to account for merchandise sales transactions?
 a. Sales
   b. Sales Tax Payable
   c. Sales Returns and Allowances
   d. Accounts Payable

Question 2

100,000 of 9, 10-year bonds were issued for 106,710 when the market rate of interest was 8. The bonds pay interest once a year.
 
  1. How much interest will be paid in cash in the first year?
  2. How much interest expense will be reported for the first year, assuming the company uses effective-interest amortization?
  3. How much interest expense will be reported for the first year, assuming the company uses straight-line amortization?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sylvia

  • Sr. Member
  • ****
  • Posts: 331
Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

1. 9,000 = 100,000 x 0.09
2. 8,536.80 = 106,710 x 0.08
3. 8,329 = 9,000 - (6,710 premium / 10 years)


cagreen833

  • Member
  • Posts: 544
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

rleezy04

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Meiosis Accounts for the Segregation of Alleles Meiosis Accounts for the Segregation of Alleles
Meiosis Accounts for the Segregation of Alleles p2 Meiosis Accounts for the Segregation of Alleles p2
Example of a chart of accounts. Example of a chart of accounts.
Science versus religion: What accounts for the conflict and tension that have existed between them? Science versus religion: What accounts for the conflict and tension that have existed between them?
Transport accounts for 14% of greenhouse gas emissions Transport accounts for 14% of greenhouse gas emissions
If you are able to earn 6.2% compounded semi-annually in an account, how long will it take for ... If you are able to earn 6.2% compounded semi-annually in an account, how long will it take for ...
Video: Elementary kinetics

For a complete list of videos, visit our video library