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On August 31, Latty Co. partially refunded $404,000 of its outstanding 10% note payable made one...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are...
On August 1,2022, Swifty Corporation issued $505,200,8%, 10-year bonds at face value. Interest is payable annually...
On August 1,2022, Swifty Corporation issued $505,200,8%, 10-year bonds at face value. Interest is payable annually on August 1. Swifty'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. (Credit...
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....
14-13 Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years....
14-13
Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds
(interest payable July 31 and January 31) due in 10 years. On July
1, it issued $8,570,000 of 10%, 15-year bonds (interest payable
July 1 and January 1) at 98. A portion of the proceeds was used to
call the 11% bonds (with unamortized discount of $190,200) at 103
on August 1.
Prepare the journal entries necessary to record issue of the new
bonds and the refunding of the bonds. (Round...
Carla, Inc. had outstanding $6,060,000 of 11% bonds (interest payable July 31 and January 31) due...
Carla, Inc. had outstanding $6,060,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,860,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 11% bonds (with unamortized discount of $242,400) at 104 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year...
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Blossom Company borrows $69,600 on July 1 from the bank by signing a $69,600, 10%, 1-year...
Blossom Company borrows $69,600 on July 1 from the bank by signing a $69,600, 10%, 1-year note payable. (al Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Please explain detail Sweet, Inc. had outstanding $5,580,000 of 12% bonds (interest payable July 31 and...
Please explain detail
Sweet, Inc. had outstanding $5,580,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,400,000°f 10%, 15-year bonds (interest payable July 1 and January 1) at 99. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $111,600) at 102 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds....
Brief Exercise 10-02 Larkspur, Inc. borrows $92,400 on July 1 from the bank by signing a...
Brief Exercise 10-02 Larkspur, Inc. borrows $92,400 on July 1 from the bank by signing a $92,400, 10%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are...
On August 1,2022, Swifty Corporation issued $505,200,8%, 10-year bonds at face value. Interest is payable annually on August 1. Swifty'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. (Credit...
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....
14-13
Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds
(interest payable July 31 and January 31) due in 10 years. On July
1, it issued $8,570,000 of 10%, 15-year bonds (interest payable
July 1 and January 1) at 98. A portion of the proceeds was used to
call the 11% bonds (with unamortized discount of $190,200) at 103
on August 1.
Prepare the journal entries necessary to record issue of the new
bonds and the refunding of the bonds. (Round...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Blossom Company borrows $69,600 on July 1 from the bank by signing a $69,600, 10%, 1-year note payable. (al Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Please explain detail
Sweet, Inc. had outstanding $5,580,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,400,000°f 10%, 15-year bonds (interest payable July 1 and January 1) at 99. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $111,600) at 102 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds....
Brief Exercise 10-02 Larkspur, Inc. borrows $92,400 on July 1 from the bank by signing a $92,400, 10%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
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