Homework Answers
| Account | Debit | Credit |
| Interest Expense | $36,000 | |
| Interest Payable | $36,000 | |
| (To record accrued interest on PSG bonds) |
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December 31: F&E accrued interest on the PSG bonds amounted to $36,000. Account December 31 1...
Bonds Payable – Issued “plus accrued interest ”. Jump Company issued $200,000 of bonds payable...
Bonds Payable – Issued “plus accrued interest ”. Jump Company issued $200,000 of bonds payable at face value on April 1, 2016. The bonds were authorized on January 1, 2016, with a stated rate of 4% and a maturity date of December 31, 2025. Interest payments are to be made annually, starting December 31, 2016. Because the authorization date preceded the issue date, the bonds were issued “plus accrued interest.” Prepare the following journal entries. Note, there are two...
QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Int...
QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Interest on the bonds is pay slo semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing coration is $5,060,000, which statement is correct? The bonds were issued at a premium. The amount of cash paid to bondholders on the next interest date, June 30, 2017 is $300,000 The amount of cash paid...
On September 1, Parsons Company purchased $84,000, 10-year, 7% government bonds at 100 plus accrued interest....
On September 1, Parsons Company purchased $84,000, 10-year, 7% government bonds at 100 plus accrued interest. The semiannual interest payment dates are June 30 and December 31. Interest calculations are done by the month. Required: a. Journalize the entry to record the bond purchase. b. Journalize the receipt of interest on December 31 of the first year. c. Journalize the sale of the bonds on February 1 of the second year for $82,000 plus accrued interest. If an amount box...
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Sheffield Corp. issues $30100000 of 10-year, 9% bonds on March 1, 2017 at 98 plus accrued interest. The bonds are dated...
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simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...
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ACTION 18 ttdf1. Accrued interest Payable Compute the interest accrued on each of the foilowing notes payable owed bay Gsloway Galloway, Inc, on December 31 Lender Date of Note Principal Interest Rate (%) Term Barton12/4$10000 Lawson 1213 14000 Rlley 12/1915.000 12 150 days 9 90 days 11 60 days Lender Accrued Interest Ridey de OEST?ON 19 Not yet answered Marked aldan if a company issues 10,000 shares of the following is the correct balance sheet entry? 54 par value common...
Alpine Company issues $2.0 million, 10-year, 7% bonds at 99, with interest payable on December 31....
Alpine Company issues $2.0 million, 10-year, 7% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount. Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 1980000 Discount on Bonds Payable 20000 Bonds Payable 2000000 e Textbook and...
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QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Interest on the bonds is pay slo semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing coration is $5,060,000, which statement is correct? The bonds were issued at a premium. The amount of cash paid to bondholders on the next interest date, June 30, 2017 is $300,000 The amount of cash paid...
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