Homework Answers
| Answer | ||
|
a) Journal entry |
||
| General Journal | Debit | Credit |
| Cash | $ 428,400 | |
| Bonds payable | $ 420,000 | |
| Premium on bonds payable | $ 8,400 | |
| Balance sheet (partial) | ||
| Long term liabilities | ||
| Bonds payable | $ 420,000 | |
| Add: | ||
| Premium on bonds payable | $ 8,400 | |
| $ 428,400 | ||
| Please like . | ||
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ment Question 2 Crane Corporation issues $420,000 of bonds for $428,400, Prepare the journal entry to...
Cullumber Corporation issues $320,000 of bonds for $336,000. Prepare the journal entry to record the issuance...
Cullumber Corporation issues $320,000 of bonds for $336,000. 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.) Account Titles and Explanation Debit Credit Show how the bonds would be reported on the balance sheet at the date of issuance. (Enter account name only and do not provide descriptive information.) Cullumber Corporation Balance Sheet (Partial)
Sheridan Company issues $325,000 of bonds for $338,000. Prepare the journal entry to record the issuance...
Sheridan Company issues $325,000 of bonds for $338,000. 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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Show how the bonds would be reported on the balance sheet at the date of issuance. (Enter account name only and do not provide descriptive information.) Sheridan Company Balance Sheet Click if you would like to Show...
Question 13 Crane Company issues $210,000, 20-year, 9% bonds.at 104. Prepare the journal entry to record...
Question 13 Crane Company issues $210,000, 20-year, 9% bonds.at 104. Prepare the journal entry to record the sale of these bonds on June 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Click if you would like to show Work for this questioni Open Show Work
Crane Company issued $740,000, 10 year, 5% bonds at 103. Prepare the journal entry to record...
Crane Company issued $740,000, 10 year, 5% bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit accountries are automatically indented when the amount is entered. Do not indent many) Date Account Tot and Explanation Debit Credit LIR TOUT Suppose the remaining Premium on Bonds Payable was $13,320 on December 31, 2025. Show the balance sheet presentation on this date. CRANE COMPANY Balance Sheet (Partial)
Please explain journal entries Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The...
Please explain journal entries
Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
On May 1, 2020, Crane Corp. issued $560,000, 12%, 5-year bonds at face value. The bonds...
On May 1, 2020, Crane Corp. issued $560,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. 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.) Debit Credit Date Account Titles and Explanation May 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO...
Sunland Company issued $570,000, 10-year, 7 % bonds at 103. Prepare the journal entry to record...
Sunland Company issued $570,000, 10-year, 7 % bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automa tica lly indented when the manually.) Credit Date Account Titles and Explanation Debit Jan. 1 Suppose the remaining Premium on Bonds Payable was $10,260 on December 31, 2025. Show the balance sheet presentation on this date. SUNLAND COMPANY Balance Sheet (Partial) Open Show Work Click if you would like to...
Brief Exercise 10-08 Skysong, Inc. issues $256,000, 10-year, 7% bonds at 98. Prepare the journal entry...
Brief Exercise 10-08 Skysong, Inc. issues $256,000, 10-year, 7% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Concord Corporation issued 2,700 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid...
Problem 10-05A Crane Company sold $4,800,000, 7%, 15-year bonds on January 1, 2022. The bonds were...
Problem 10-05A Crane Company sold $4,800,000, 7%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on December 31. The bonds were sold at 96. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 enter an account title for the journal entry on January...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Cullumber Corporation issues $320,000 of bonds for $336,000. 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.) Account Titles and Explanation Debit Credit Show how the bonds would be reported on the balance sheet at the date of issuance. (Enter account name only and do not provide descriptive information.) Cullumber Corporation Balance Sheet (Partial)
Sheridan Company issues $325,000 of bonds for $338,000. 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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Show how the bonds would be reported on the balance sheet at the date of issuance. (Enter account name only and do not provide descriptive information.) Sheridan Company Balance Sheet Click if you would like to Show...
Question 13 Crane Company issues $210,000, 20-year, 9% bonds.at 104. Prepare the journal entry to record the sale of these bonds on June 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Click if you would like to show Work for this questioni Open Show Work
Crane Company issued $740,000, 10 year, 5% bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit accountries are automatically indented when the amount is entered. Do not indent many) Date Account Tot and Explanation Debit Credit LIR TOUT Suppose the remaining Premium on Bonds Payable was $13,320 on December 31, 2025. Show the balance sheet presentation on this date. CRANE COMPANY Balance Sheet (Partial)
Please explain journal entries
Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
On May 1, 2020, Crane Corp. issued $560,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. 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.) Debit Credit Date Account Titles and Explanation May 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO...
Sunland Company issued $570,000, 10-year, 7 % bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automa tica lly indented when the manually.) Credit Date Account Titles and Explanation Debit Jan. 1 Suppose the remaining Premium on Bonds Payable was $10,260 on December 31, 2025. Show the balance sheet presentation on this date. SUNLAND COMPANY Balance Sheet (Partial) Open Show Work Click if you would like to...
Brief Exercise 10-08 Skysong, Inc. issues $256,000, 10-year, 7% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Concord Corporation issued 2,700 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
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