ZuoTi.Pro
Question

On August 1, 2017, Cheyenne Corp. issued $484,800, 6%, 10-year bonds at face value. Interest is...

On August 1, 2017, Cheyenne Corp. issued $484,800, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Cheyenne’s year-end is December 31. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on August 1, 2018.

I got the the A and B it is ( c) that is giving me issues please help me understand what I am doing wrong

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Face Value of Bonds = $484,800 Annual Coupon Rate = 6% Annual Coupon = 6% * $484,800 Annual Coupon= $29,088 General Journal D

1 0
Add a comment
Know the answer?
Add Answer to:
On August 1, 2017, Cheyenne Corp. issued $484,800, 6%, 10-year bonds at face value. Interest is...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • On August 1, 2017, Ayayai Corp. issued $506,400, 7% , 10- year bonds at face value....

    On August 1, 2017, Ayayai Corp. issued $506,400, 7% , 10- year bonds at face value. Interest is payable annually on August 1. Ayayai's year-end is December 31. Prepare a tabular summary to record the following events (a) The issuance of the bonds. (Ь) The accrual of interest on December 31, 2017. stive (c) The payment of interest on August 1, 2018 (If a transaction causes a decrease in Assets, Liabilties or Stockholders' Equity, place a negative sign (or parentheses)...

  • Pharoah Company issued $560,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest...

    Pharoah Company issued $560,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest...

    Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest...

    Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Cullumber Company issued $640,000 of 9%, 15-year bonds on January 1, 2017, at face value. Interest...

    Cullumber Company issued $640,000 of 9%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. Liabilities Stockholders' Equity Retained Earnings...

  • RCES Practice Exercise 3 On August 1, 2017, Flint Corporation issued $502,800, 7%, 10-year bonds at...

    RCES Practice Exercise 3 On August 1, 2017, Flint Corporation issued $502,800, 7%, 10-year bonds at face value. Interest is payable annually on August 1. December 31. Prepare a tabular summary to record the following events. tudy (a) (b) (c) The issuance of the bonds. The accrual of interest on December 31, 2017. The payment of interest on August 1, 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses entered...

  • On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is...

    On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...

  • On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable...

    On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable annually on August 1. Flounder's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022....

  • 1. If the market interest rate is 9% when Dolphin Corp. issues its bonds, will the bonds be price...

    1. If the market interest rate is 9% when Dolphin Corp. issues its bonds, will the bonds be priced at par, at a premium, or at a discount? Explain. If the market interest rate is 11% when Dolphin Corp. issues its bonds, will the bonds be priced at par, at a premium, or at a discount? Explain. Assume that the issue price of the bonds is 96. Journalize the following bonds payable transactions a. Issuance of the bonds on February...

  • Exercise 8-11 Crane Company issued $630,000 of 7%, 15-year bonds on January 1, 2017, at face value. Inter Prepare a tab...

    Exercise 8-11 Crane Company issued $630,000 of 7%, 15-year bonds on January 1, 2017, at face value. Inter Prepare a tabular summary to record the following events. (a) (b) (c) (d) The issuance of the bonds. The accrual of interest on December 31, 2017. The payment of interest on January 1, 2018. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (If a transaction causes a decrease in Assets, Liabilities...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT