Homework Answers
1) Journal entry
| date | account and explanation | Debit | Credit |
| Jan 1 | Cash (130000*.89) | 115700 | |
| Discount on bonds payable | 14300 | ||
| Bonds payable | 130000 | ||
| (To record bond issue) |
2) Journal entry
| date | account and explanation | Debit | Credit |
| July 1 | Interest expense | 5265 | |
| Discount on bonds payable (14300/20) | 715 | ||
| Cash (130000*7%*6/12) | 4550 | ||
| (To record bond issue) |
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Obert Company issued a $130,000, 7%, 10-year bond payable at 89 on January 1, 2018. Interest...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018....
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1,...
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Company issued a $130,000, 4%, 10-year bond payable at 97 on January 1, 2018. Interest is...
Company issued a $130,000, 4%, 10-year bond payable at 97 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. 1. Journalize the issuance of the bond payable on January 1, 2018. 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018.
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize...
Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 112. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 110. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Adam Company issued $40,000 of 10-year, 9% bonds payable on January 1, 2018. Adam Company pays...
Adam Company issued $40,000 of 10-year, 9% bonds payable on January 1, 2018. Adam Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Adam Company's issuance of the bonds and first semiannual Interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from...
Alexander Company issued $100,000, 8%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize...
Alexander Company issued $100,000, 8%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
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Lincoln Company issued $40,000 of 10-year, 6% bonds payable on January 1, 2018. Lincoln Company pays interest each Janu...
Lincoln Company issued $40,000 of 10-year, 6% bonds payable on January 1, 2018. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018 Requirement 1. Joumalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on...
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Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 112. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 110. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Adam Company issued $40,000 of 10-year, 9% bonds payable on January 1, 2018. Adam Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Adam Company's issuance of the bonds and first semiannual Interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from...
Alexander Company issued $100,000, 8%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Lincoln Company issued $50,000 of 10-year, 8% bonds payable on January 1, 2018. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exc i Requirements...
Lincoln Company issued $40,000 of 10-year, 6% bonds payable on January 1, 2018. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from...
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