The official record of every company activity is a journal entry. A transaction is, in the broadest sense, any financial activity that has an impact on the firm.
The entries in the journal as of June
30 will result in a credit to the Cash Accounts and a debit to the Interest Expenses and Premium Accounts. Additionally, the Bond Ac, Premium on Bonds, and Proceeds Account will both be debited.
The following will be the journal entries for the specified accounting transaction in Spearmint Inc.'s books:
Interest expense Ac. Dr.
18,284.17
High-end Ac. Dr.
1,965,83
To cash account 20,250
Proceeds Ac. Dr
461,795
To Bonds Payable Upon Ac.
450,000
To Bond premiums are due to Ac.
11,795
The official record of every company activity is a journal entry. A transaction is, in the broadest sense, any financial activity that has an impact on the firm.
They encompass all exchanges involving the movement of money, including interest payments, depreciation, costs, and payroll. They encompass more than just the exchange of goods and services. Instead of being processed automatically like invoices or cash receipts are, general journal entries are manually entered into the general ledger.
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