Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 69

Listed below are eight events or transactions of Lone Star Corporation.
a.ade an adjusting entry to record interest on a short-term note payable.
b.ade a monthly installment payment of a fully amortizing, six-month, interest-bearing installment note payable.
c.ecorded a regular biweekly payroll, including the amounts withheld from employees, the issuance of paychecks, and payroll taxes on the employer.
d.ame within 12 months of the maturity date of a note payable originally issued for a period of 24 months.
e.eposited employee tax withholdings with proper tax authorities.
f.ssued bonds payable at face value.
g.ecognized semiannual interest expense on bonds payable described in part f and paid bondholders the full interest amount.
h.ecorded the necessary adjusting entry on December 31, 2015, to accrue three months' interest on bonds payable that had been issued at a discount several years prior.he next semiannual interest payment will occur March 31, 2016.
Indicate the effects of each of these transactions on the following financial statement categories.rganize your answer in tabular form, using the illustrated column headings.se the following code letters to indicate the effects of each transaction on the accounting element listed in the column heading: I for increase, D for decrease, and NE for no effect.