To Develop an Understanding

Published: 2021-06-29 06:59:06
essay essay

Category: Business

Type of paper: Essay

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It is challenging at times to develop an understanding for what is occurring in the accounting realm but we as a team have hopefully taken a step in the right direction in explaining the processes that follow. We will begin with discussing how, current liabilities or short-term obligations are part of the notes payable, the accounts payable, and the accrued expenses. To differentiate these three obligations the companies will use the accounts payable to purchase the inventories. The companies will use the notes payable to the creditors to reduce the loans the company has. Finally, the accrued expenses are the debts the company has, which are currently not paid (Entrepreneur, 2011).

Preparing necessary journals can be a tough job but it is something that is very necessary. You need them to record the issuance of bonds, to calculate the periodic interest and amortization of bond premiums and discounts. Since there are many different types of bonds, the entry would depend on the type of bond you are trying to secure. Here is a prime example of how to start a journal entry for bonds.

General Journal
Date Account Title and Description Ref. Debit Credit
July 1 Bonds Payable 10,000
Cash 10,000
Paid off bonds at maturity

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