Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Investment in Bonds | 168300 | |
| Cash | 168300 | ||
| Dec 31 | Interest receivable (168300*8%) | 13464 | |
| Interest revenue | 13464 | ||
| Jan 1 | Cash | 13464 | |
| Interest receivable | 13464 | ||
| (To record receipt of interest) | |||
| Jan 1 | Cash | 92565 | |
| Loss on sale of investment in Bonds | 16335 | ||
| Investment in bonds (55*1980) | 108900 | ||
| (To record sale of bonds) | |||
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Flynn Company purchased 85 Rinehart Company 8%, 10-year, $1,980 bonds on January 1, 2017, for $168,300....
Flynn Company purchased 70 Rinehart Company 10%, 10-year, $1,980 bonds on January 1, 2017, for $138,600....
Flynn Company purchased 70 Rinehart Company 10%, 10-year, $1,980
bonds on January 1, 2017, for $138,600. The bonds pay interest
annually on January 1. On January 1, 2018, after receipt of
interest, Flynn Company sold 40 of the bonds for $76,230.
Prepare the journal entries to record the transactions described
above. (Round answers to 0 decimal places, e.g. 15,250.
Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,6...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,600. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 40 of the bonds for $75,230. Prepare the journal entries to record the transactions described above. (Round answers to decimal places, .. 15.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Crane Company purchased 85 Rinehart Company 8%, 10-year, $1,980 bonds on January 1, 2020, for $168,300....
Crane Company purchased 85 Rinehart Company 8%, 10-year, $1,980 bonds on January 1, 2020, for $168,300. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Crane Company sold 55 of the bonds for $92,565. Prepare the journal entries to record the transactions described above.
Exercise 10-9 On January 1, 2017, Forrester Company issued $351,500, 9%, 5-year bonds at face value....
Exercise 10-9 On January 1, 2017, Forrester Company issued $351,500, 9%, 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when...
Prepare Exercise 10-19 LRNA Company issued $279,400 14%, 10-year bonds on January 1, 2015, for $294,794....
Prepare
Exercise 10-19 LRNA Company issued $279,400 14%, 10-year bonds on January 1, 2015, for $294,794. This price resulted in an effective-interest rate of 13% on the bonds interest is payable semiannually on July 1 and January 1. LRNA uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value, 7%, 10-year bonds at $2,201,642. This...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value,
7%, 10-year bonds at $2,201,642. This price resulted in an
effective-interest rate of 8% on the bonds. Wildhorse uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on January 1.
Prepare the journal entry to record the issuance of the bonds
on January 1, 2019. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of $250,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020 (c) Prepare the journal entry to record the interest...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 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.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable...
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...
Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. Prepare...
Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Assuming instead that the above bonds sold for 108, prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles...
Flynn Company purchased 70 Rinehart Company 10%, 10-year, $1,980
bonds on January 1, 2017, for $138,600. The bonds pay interest
annually on January 1. On January 1, 2018, after receipt of
interest, Flynn Company sold 40 of the bonds for $76,230.
Prepare the journal entries to record the transactions described
above. (Round answers to 0 decimal places, e.g. 15,250.
Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,600. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 40 of the bonds for $75,230. Prepare the journal entries to record the transactions described above. (Round answers to decimal places, .. 15.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Exercise 10-9 On January 1, 2017, Forrester Company issued $351,500, 9%, 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when...
Prepare
Exercise 10-19 LRNA Company issued $279,400 14%, 10-year bonds on January 1, 2015, for $294,794. This price resulted in an effective-interest rate of 13% on the bonds interest is payable semiannually on July 1 and January 1. LRNA uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value,
7%, 10-year bonds at $2,201,642. This price resulted in an
effective-interest rate of 8% on the bonds. Wildhorse uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on January 1.
Prepare the journal entry to record the issuance of the bonds
on January 1, 2019. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of $250,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020 (c) Prepare the journal entry to record the interest...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 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.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
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...
Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Assuming instead that the above bonds sold for 108, prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles...
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