Homework Answers
| Date | Account Name | Dr. | Cr. | ||||||
| May 1,2020 | Cash | 2033 | |||||||
| Interest payable | (2000*5%*4/12) | 33 | |||||||
| Bond payable | 2000 | ||||||||
| (Issue of bond along with interest of 4 months- | |||||||||
| Jan 1 to May 1) | |||||||||
| June 30,2020 | Interest expense | (2000*5%*2/12) | 17 | ||||||
| Interest payable | 33 | ||||||||
| Cash | (2000*5%*6/12) | 50 | |||||||
| (Bond interest paid) | |||||||||
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Du 1 complete Marked out of 19.00 P Rat question Recording Entries for Bonds Sold Between...
Question 1 Not complete Marked out of 19.00 P Flag question Recording Entries for Bonds Sold...
Question 1 Not complete Marked out of 19.00 P Flag question Recording Entries for Bonds Sold Between Interest Dates On May 1, 2020, Setup Inc, sold an issue of 5%, $2,000 bonds dated January 1, 2020, to yield 5%. The bonds pay interest every June 30 and December 31, and mature December 31, 2024. a. Provide journal entries to be made by Setup Inc. at each of the following dates. 1. May 1, 2020, bond issuance. 2. June 30, 2020,...
Question 5 Not complete Marked out of 21.00 P Flag question Recording Entries for Bonds with...
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Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%,...
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Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 42, 6%,...
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Recording and Reporting Bonds Issued at a Premium (AP1 0-6) Cron Corporation is planning to issue bonds with a face val...
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Question 1 Not complete Marked out of 19.00 P Flag question Recording Entries for Bonds Sold Between Interest Dates On May 1, 2020, Setup Inc, sold an issue of 5%, $2,000 bonds dated January 1, 2020, to yield 5%. The bonds pay interest every June 30 and December 31, and mature December 31, 2024. a. Provide journal entries to be made by Setup Inc. at each of the following dates. 1. May 1, 2020, bond issuance. 2. June 30, 2020,...
Question 5 Not complete Marked out of 21.00 P Flag question Recording Entries for Bonds with Warrants On July 1, 2020, Salem Corporation issued $400,000 of 7% bonds due in 10 years. The bonds pay cash interest semiannually. Each $1,000 bond includes a detachable stock purchase warrant, Each warrant gives the bondholder the right to purchase, for $30, one share of $1 par value common stock at any time during the next 10 years. The bonds were sold at 101....
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the...
Question 4 Not complete Marked out of 50.00 P Flag question Recording Entries for an installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, 540,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $15,521 each December 31 (which is also the end of the accounting period for...
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