FINAN. AND MANAGERIAL ACCT. CONNECT+PROC
FINAN. AND MANAGERIAL ACCT. CONNECT+PROC
9th Edition
ISBN: 9781265925239
Author: Wild
Publisher: MCG CUSTOM
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Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

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Blockbuster Co is building a new state of the art cineplex at a cost of $3,500,000.They received a capital investment of $1,500,000. The remainder of funds will haveto be borrowed so they decided to issue bonds. They have issued 10.5%, 5-yearbonds. These bonds were issued on January 1st, 2020, and pay semi-annual intereston July 1st and January 1st. The bonds yield 10%. The year end is December 31st Calculate the proceeds from the sale of the bond. Clearly show theamount of the premium or discount and state two reasons which supportthe premium or discount calculated
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