--Journal entries
Date | Accounts title | Debit | Credit |
May-01 | Cash | $990,000 | |
Bonds Payable | $990,000 | ||
(to record issuance) | |||
Nov-01 | Interest expense ($990000 x 10% x 6 months/12) | $49,500 | |
Cash | $49,500 | ||
(to record payment of 6 month interest) | |||
Dec-31 | Interest Expense ($990000 x 10% x 2/12) | $16,500 | |
Interest payable | $16,500 | ||
(to record accrual of 2 month's interest) |
eBook 3 Show Me How Calculator Print Item Entries for Issuing Bonds Thomson Co. produces and...
Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $780,000 of 25-year, 12% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize...
Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $870,000 of 10-year, 11% bonds on May 1 of the current year at face value,, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize...
Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $870,000 of 10-year, 11% bonds on May 1 of the current year at face value,, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize...
Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $180,000 of 25-year, 11% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize the...
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $450,000 of 10-year, 8% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize the entries to record...
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $450,000 of 10-year, 10% bonds on May 1 of the current year at face value,, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Issued the bonds for cash at their face amount. May 1 Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize the entries to record...
Entries for Issuing Bonds Abloye Co. produces and distributes semiconductors for use by computer manufacturers. Abloye Co. issued $700,000 of 10-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount Nov. 1. Paid the interest on the bonds. Dec. 31. Recorded accrued interest for two months. Journalize...
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Bond Price United States Steel Corporation's 7.5% bonds due in 2022 were reported as selling for 104.5. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its bonds at this price? The bonds were selling at a discount because the market rate of interest for similar quality bonds was lower than 7.5% Entries for Issuing Bonds bonds on May 1 of the current...
15 1) Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $1,200,000 of 10-year, 12% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year. Refer to the Chart of Accounts for exact wording of account titles. May 1 Issued the bonds for...
Print Item Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. Issued $15,000,000 of 20-year, 9% Callable bonds on May 1, 2041, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 2011 May 1 Issued the bonds for cash at their face amount. Paid the interest...