A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper $1,500 cash for freight in. The company paid the vendor nine days after the sale. If there was no beginning inventory, the cost of inventory would be . (Assume a perpetual inventory system.)

On december 31, 2011, daggett company issued $750,000 of ten-year, 9% bonds payable for $700,353, yielding an effective interest rate of 10%. interest is payable semiannually on june 30 and december 31. prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment and discount amortization (effective interest method) on june 30, 2012, and (c) the semiannual interest payment and discount amortization on december 31, 2012. round amounts to the nearest dollar.

What is the difference between secure bonds and naked bonds?

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