By Elizabeth A. Minbiole
Semesters of accounting are required via so much enterprise, economics, finance, and actuarial technological know-how courses ñ- and on commonplace, there are a few 700,000 scholars taking accounting every year! Are you considered one of them? CliffsQuickReview Accounting ideas II offers every thing you must quick comprehend complex accounting fundamentals ñ- from budgeting to price accounting.
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The entries for these two events would be: General Journal Account Title and Description Ref. Date Debit Credit 20X0 Sept. 1 Cash Bonds Payable Bond Interest Payable ($10,000 × 10% × 2 ⁄ 12) 42 10,167 10,000 167 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES Date Account Title and Description Ref. Debit Credit Issue $10,000 10% bonds dated 7/1 Dec. 31 Bond Interest Payable Bond Interest Expense ($10,000 × 10% × 4 ⁄ 12 ) Cash 167 333 500 Pay semiannual interest Deferred Income Taxes Many companies report different amounts of income on their income statement and on their income tax return.
And Description Debit Credit 20X1 July 1 Cash Discount on Bonds Payable 9,377 623 Bonds Payable 10,000 Issue bonds at a discount After this entry, the bond would be included in the long-term liability section of the balance sheet as follows: Long-term liabilities Bonds Payable Less: Discount on Bonds Payable ACCOUNTING PRINCIPLES II 10,000 (623) 9,377 25 LONG-TERM LIABILITIES The $9,377 is called the carrying amount of the bond. The discount on bonds payable is the difference between the cash received and the maturity value of the bonds and represents additional interest expense to Lighting Process, Inc.
Relative lack of regulation Most governmental regulations and reporting requirements are written for corporations. Although the number of sole proprietors and partnerships exceeds the number of corporations, the level of sales and profits generated by corporations are much greater. Number of partners The informality of decision making in a partnership tends to work well with a small number of partners. Having a large number of partners, particularly if all are involved in operating the business, can make decisions much more difficult.
Accounting Principles II by Elizabeth A. Minbiole