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T/F Questions

The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to timing differences.

Sales Discounts is a revenue account with a credit balance.

Multiple Choice:

Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was
a. 6.25%
b. 10.00%
c. 10.26%
d. 9.75%

  • Accounting -

    On January 1, 2007, the Kings Corporation issued 10% bonds with a face value of $100,000. The bonds are sold for $96,000. The bonds pay interest semiannually on June 30 and Decemeber 31 and the maturity date is December 31, 2011. Kings records straight line amortization of the bond discount. The bond interest expenses for the year ended Decemeber 31, 2007 is?

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