Act 212 ex 1 review - Manuel Company had cash sales of...

Info icon This preview shows page 1. Sign up to view the full content.

Manuel Company had cash sales of $65,100 (including taxes) for the month of June. Sales are subject to 8.5% sales tax. Prepare the entry record to the sale. Shannon company issued $750,000, 8%, 10 years bonds on Dec 31, 2011, for $720,000. Interest payable annually on Dec 31. Shannon uses the straight-line method to amortize bond premium or discount. A. Issuance of bonds B. The payment of interest and the discount amortization on Dec 31 2012 C. The redemption of the bonds at maturity, assuming interest for the last interest period
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern