On June 30, Jameson Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000. Make journal entries to record the following transactions: Issuance of bonds Payment of first semiannual interest on December 31 (record separate entry from premium amortization) Amortization by straight-line method of bond premium on December 31.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
On June 30, Jameson Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000.
Make
- Issuance of bonds
- Payment of first semiannual interest on December 31 (record separate entry from premium amortization)
- Amortization by straight-line method of bond premium on December 31.
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