Homework Answers
Answer
All journal entries, as asked
| Date | Accounts title | Debit | Credit |
| 01-Jan-17 | Cash | $500,000 | |
| Bonds Payable | $500,000 | ||
| ( Bonds issued at face value) | |||
| 31-Dec-17 | Interest expense [$500000 x 10%] | $50,000 | |
| Interest payable | $50,000 | ||
| (first year interest expense accrued) | |||
| 01-Jan-18 | Interest Payable | $50,000 | |
| Cash | $50,000 | ||
| (Interest now paid in cash) |
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E15-2
Prepare entries for issuance of bonds, and payment and accrual of bond interest. E15-2 Оп...
E15-5 Swisher Company issued $2,000,000 of bonds on January 1, 2017. E15-5 Prepare entries for issuance,...
E15-5
Swisher Company issued $2,000,000 of bonds on January 1, 2017. E15-5 Prepare entries for issuance, redemption, and conversion of bonds Instructions re the journal entry to record the issuance of the bonds if they are issued at (1o 2) e the journal entry to record the redemption of the bonds at maturity, assuming ord the redemption of the bonds before maturity at 98. d Prepare the journal entry to record the conversion of the bonds into 60,000 shares of...
On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is...
On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. Instructions: Prepare journal entries to record the following. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2020. (c) The payment of interest on January 1, 2021.
E10-7 Preparing Journal Entries to Record Issuance of Bonds and Payment of Interest [LO 10-3] On...
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Exercises Evalnate statements about bonds. E1S.1 (LO 1) Nick Bosch has prepared the following list of...
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2018. Capulet Corporation does not use reversing entries. P14-2 (L01,2) EXCEL (Issuance and Redemption of Bonds)...
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(Entries for Bond Transactions-straight line) Celine Dion-company issued $600,000 of 10%-20-year bonds on January 1, 2017...
(Entries for Bond Transactions-straight line) Celine Dion-company issued $600,000 of 10%-20-year bonds on January 1, 2017 at 102. Interest is payable semiannually on July 1 and January 1. Dion company uses the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following: a) The issuance of the bonds b) The payment of interest and the related amortization on July 1, 2017 c) The accrual of interest and the related amortization on December...
Prepare the journal entries to record the following: (a) The issuance of the bonds. (b) The...
Prepare the journal entries to record the following:
(a)
The issuance of the bonds.
(b)
The accrual of interest and the premium amortization on
December 31, 2020.
(c)
The payment of interest on January 1, 2021.
(d)
The redemption of the bonds at maturity, assuming interest for
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E14-4 (L01) EXCEL (Entries for Bond Transactions-Straight-Line) Celine Dion Company issued $600,000 of 10%, 20-year bonds...
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Record the issuance of bonds with a face value of $800,000 for $735,000.
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for issuance E10.12 (LO 3), AP On August 1, 2022, Gonzaga Corporation issued $600,000, 7 %...
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E15-5
Swisher Company issued $2,000,000 of bonds on January 1, 2017. E15-5 Prepare entries for issuance, redemption, and conversion of bonds Instructions re the journal entry to record the issuance of the bonds if they are issued at (1o 2) e the journal entry to record the redemption of the bonds at maturity, assuming ord the redemption of the bonds before maturity at 98. d Prepare the journal entry to record the conversion of the bonds into 60,000 shares of...
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Exercises Evalnate statements about bonds. E1S.1 (LO 1) Nick Bosch has prepared the following list of statements about bonds. 1. Bonds are a form of interest-bearing notes payable. 2. Secured bonds have specific assets of the issuer pledged as collateral for the bonds. 3. Secured bonds are also known as debenture bonds. 4. A conversion feature may be added to bonds to make them more attractive to bond buvers 5. The rate used to determine the amount of cash interest...
2018. Capulet Corporation does not use reversing entries. P14-2 (L01,2) EXCEL (Issuance and Redemption of Bonds) Venezuela Co. is building a new hockey arena at a cost of 00,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $2,000,000 tocomplete the project. It therefore decides to issue $2,000.000 of 10.5%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1 . The bonds...
Prepare the journal entries to record the following:
(a)
The issuance of the bonds.
(b)
The accrual of interest and the premium amortization on
December 31, 2020.
(c)
The payment of interest on January 1, 2021.
(d)
The redemption of the bonds at maturity, assuming interest for
the last interest period has been paid and recorded.
Exercise 15-15 a-d (Part Level Submission) Carla Vista Company issued $590,000, 6%, 20-year bonds on January 1, 2020, at 104. Interest is payable annually...
E14-4 (L01) EXCEL (Entries for Bond Transactions-Straight-Line) Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Dion Company uses the straight-line method of amortization for bond premium or discount Instructions Prepare the journal entries to record the following. (a) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1, 2017 (c) The accrual of interest and the...
for issuance E10.12 (LO 3), AP On August 1, 2022, Gonzaga Corporation issued $600,000, 7 % , 10- year bonds at face value. Interest is payable annually on August 1. Gonzaga's year-end is December 31. nd accrual Instructions Prepare journal entries to record the following events. a. The issuance of the bonds. b. The accrual of interest on December 31, 2022. c. The payment of interest on August 1, 2023.
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