On January 1, 2020, Ivanhoe Company issued $397,000, 5%, 5-year bonds at face value. Interest is...
On January 1, 2020, Ivanhoe Company issued $397,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1.
a. Prepare the journal entry to record the issuance of the bonds.
b. Prepare the journal entry to record the accrual of interest on December 31, 2020.
Homework Answers
January 01, 2020
Cash Account..................Debit $397,000
To Bonds Payable a/c.....Credit $397,000
(Being bonds Issued)
December 31, 2020.
Interest Expense account...............Debit $19,850
Interest Payable account.................Credit $19,850
($397,000 * 5%)
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Exercise 10-9
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Date
Account Titles and Explanation
Debit
Credit
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Date
Account Titles and Explanation
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Credit
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Account Titles and Explanation
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(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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Exercise 10-9
On January 1, Sandhill Co. issued $344,000, 9%, 15-year bonds at
face value. Interest is payable annually on January 1.
Prepare journal entry to record the issuance of the
bonds.
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
Prepare journal entry to record the accrual of interest on
December 31.
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Prepare journal entry to record the payment of interest on
January 1.
Date
Account Titles and Explanation
Debit...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 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 Jan. 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
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