Army Supply Company issued five-year, 7% bonds with a face v…
Army Supply Company issued five-year, 7% bonds with a face value of $25,000 on January 1, 2022. The effective rate of interest is 6%. Army Supply sold the bonds for $26,053. The bonds pay annual interest each December 31. What amount of interest expense should Army Supply recognize for 2022?
Read DetailsMGZ. sold $300,000 of “Field Hockey Digest” subscriptions on…
MGZ. sold $300,000 of “Field Hockey Digest” subscriptions on August 1, 2023 and recorded the full amount as “Unearned Revenue.” The subscriptions are for 12 monthly issues. At December 31, 2023, MGZ. had mailed 5 issues of the magazine. What will the adjusting entry need to include with regard to this information?
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