Hefley corporation issued a 10%, $800,000 8-year bond at 104. the entry to record the issuance transaction is to: debit Cash $800,000; debit Premium on Bonds Payable $32,000; credit Bonds Payable $832,000.
What is transaction?
- A transaction is a contract entered into between a buyer and a seller to exchange goods, services, or financial assets for money.
- The term is also commonly used in business accounting.
- An example transaction is: Paying suppliers for services rendered or goods delivered.
- Payment of cash and bills of exchange to the seller to take title to the property previously owned by the seller.
- Pay employees for hours worked. In accounting, a transaction is a financial business event that affects a company's financial statements.
- Transactions include all events that have a financial impact on a financial record, so many items are transactions.
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