ch10 - ACCT202 STUDY GUIDE BONDS This compendium of...

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Unformatted text preview: ACCT202 STUDY GUIDE BONDS This compendium of Questions and Answers covers all the Liability and Bond concepts. SAMPLE THIS MATERIAL FOR STUDYING POINTS: Please review this material efficiently by scanning it and trying every third problem or so . This material is from an earlier version of our text. Material that highlights Bond Values and Plotting will be forwarded separately. Use the following information for questions 39–41. On January 1, 2008, Turner Company purchased at face value, a $1,000, 7% bond that pays interest on January 1 and July 1. Turner Company has a calendar year end. 39. The entry for the receipt of interest on July 1, 2008, is a. Cash.................................................................................... 35 Interest Revenue......................................................... 35 b. Cash.................................................................................... 70 Interest Revenue......................................................... 70 c. Interest Receivable.............................................................. 35 Interest Revenue......................................................... 35 d. Interest Receivable.............................................................. 70 Interest Revenue......................................................... 70 40. The adjusting entry on December 31, 2008, is a. not required. b. Cash.................................................................................... 35 Interest Revenue......................................................... 35 c. Interest Receivable.............................................................. 35 Interest Revenue......................................................... 35 d. Interest Receivable.............................................................. 35 Debt Investments........................................................ 35 41. The entry for the receipt of interest on January 1, 2009 is a. Cash.................................................................................... 70 Interest Revenue......................................................... 70 b. Cash.................................................................................... 70 Interest Receivable..................................................... 70 c. Cash.................................................................................... 35 Interest Revenue......................................................... 35 d. Cash.................................................................................... 35 Interest Receivable..................................................... 35 Use the following information for questions 47–49....
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This note was uploaded on 03/07/2011 for the course ENG 101 taught by Professor Heinlein during the Spring '11 term at Indiana Northwest.

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ch10 - ACCT202 STUDY GUIDE BONDS This compendium of...

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