Business, 01.05.2021 01:00, pineapplepizaaaaa

Please complete the accounting cycle for March for Gotham, starting on p. 205 in your course packet. Check Figures: Net Income $7,846 Total Assets $443,834 The first transaction is the issuance of a bond. A bond is where Gotham gets cash and promises to repay some amount in the future with interest along the way. You will not be asked about a bond on the exam. The journal entry for this bond should be: DR. Cash 95,788 DR. Discount on Bond 4,212 CR. Bond Payable 100,000 There is no adjusting entry for the bond. There is no income statement impact for the bond. The balance sheet presentation of the bond is: Liabilities: Bond Payable. 100,000 Discount (4,212) Book Value of Bond 95,788

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Please complete the accounting cycle for March for Gotham, starting on p. 205 in your course packet....