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Untitled Document23

Untitled Document23 - Gener al Journ al Date Account Title...

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The bonds are classified as long-term liabilities when they are issued. When the  bond matures, the principal repayment is recorded as follows:
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Unformatted text preview: Gener al Journ al Date Account Title and Description Ref. Debit Credit July 1 Bonds Payable 10,000 Cash 10,000 Paid off bonds at maturity...
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