Business Transac. Confusion! - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7) +--- Thread: Business Transac. Confusion! (/showthread.php?tid=6932) |
Business Transac. Confusion! - Newbie@accounting - 12-06-2009 Hello!First time poster and very new to financial accounting,so if I make a mistake or error let me know![)] So, Ive been working on a project and Im stuck on a few transactions on my G/L (Not balancing on the A=L+OE+IS)Im not sure how to figure/where to place them in terms of their proper account name and if there a Debit or Credit. I'm hoping someone with accounting experience can help! Here it goes... <b>1. </b> Company X issued 500 bonds for $1,000 each. Terms on the bond are as follow; face value is $1,000 due in 5 years, face rate of 6% interest payments are due semi-annually on May 31st and Nov. 30th of every year? <b>2.</b> Company X recorded 1 month of interest expense payable on the bonds? <b>3.</b> Company X bought a truck worth 50,000 under a 5 year <u>operating lease</u> from Chevy with payments of $1,000 due on the 5th of every month, Company X made the first payment of $1,000 electronically? <b>4.</b> Company X bought out Company Y for $700,000 cash with a check. Included was Equiptment of $500,000 and a Note Payable due to company Z of $400,000. The rest of the purchase included good will. (There was an hint given, record all amounts listed here & goodwill, 4 line items)? I hope some one can help! Thanks again for your time!!! |