Journal entry : A journal entry records the company’s financial transactions in a sequential order. This is a primary book of original entry, which records any type of business transactions or accounting adjustments. It records the date of the transaction, debited account, credited account, ledger folio number, amount for debit and credit, and narration of the transaction. (a) To prepare: To prepare the journal for the issuance of bonds under GAAP.

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Chapter 16, Problem 3ICA

To determine

Journal entry: A journal entry records the company’s financial transactions in a sequential order. This is a primary book of original entry, which records any type of business transactions or accounting adjustments. It records the date of the transaction, debited account, credited account, ledger folio number, amount for debit and credit, and narration of the transaction.

(a) To prepare: To prepare the journal for the issuance of bonds under GAAP.

To determine

(b) To prepare: To prepare the journal for the issuance of bonds under IFRS.

To determine

(c) To determine: To determine the better accounting approach.

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