Wildhorse Co. issued $500,000 of 7%, 15-year bonds on January 1, 2017, at face value. Interest...
Wildhorse Co. issued $500,000 of 7%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1.
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
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, 2017 | |||
eTextbook and Media
List of Accounts
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
| Dec. 31, 2017 | |||
eTextbook and Media
List of Accounts
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Prepare the journal entry to record the payment of interest on January 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
| Jan. 1, 2018 | |||
eTextbook and Media
Homework Answers
bonds are issued at face value
| date | Account | debit | credit |
| Jan 1 ,2017 | cash | $500,000 | |
| bonds payable | $500,000 | ||
| [to record cash received against bonds issued] |
2.interest accrued from Jan-Dec = 500000*7%=35000
| Account | |||
| Dec 1 ,2017 | Interest expense | $35,000 | |
| interest payable on bonds | $35,000 | ||
as interest is accrued it will be expensed
howvere it is not paid so it will be interest payable
3.interest paid
| debit | credit | ||
| Jan 1 ,2018 | interest payable on bonds | $35,000 | |
| cash | $35,000 | ||
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