Why would it be cash and not bonds payable ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Why would it be cash and not bonds payable ?
Expert Solution
Step 1
The process of recording business transactions in the books of accounts for the first time is referred to as journal entry
For the purpose of recording the journal entry the double-entry system becomes the base.
Since while recording the journal entry the transactions are recorded as and when occurs hence it is also known as Day Book.
Journal entry types:
- Transfer entries
- Closing entries
- Adjusting entries
- Compound entries
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