Homework Answers
| Req 1. | ||||||
| Journal entries | ||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
| 31.03.21 | Cash account | 6,60,000 | ||||
| Notes payable | 6,60,000 | |||||
| (for issuance of notes) | ||||||
| 31.03.22 | Notes payable | 145200 | ||||
| Interest expense (660,000*3%) | 19,800 | |||||
| Cash account | 1,65,000 | |||||
| (for payment of notes) | ||||||
| Req 2. | ||||||
| Journal entries | ||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
| 01.07.21 | Interest expense | 12,637 | ||||
| Cash account | 11,000 | |||||
| Discount on bonds payable | 1,637 | |||||
| (for interest expense incurred) | ||||||
Add Answer to:
Blossom Lake Corp. issues a $660,000, 4-year, 3% note payable on March 31, 2021. The terms...
just need to correct my answers in the red box. Thanks! Carla Vista Inc. issues $752,000...
just need to correct my answers in the red box. Thanks!
Carla Vista Inc. issues $752,000 of 5-year, 10% bonds on January 1, 2021. The bonds pay interest annually. Prepare the journal entries to record the first three interest payments. Ignore any year-end accruals of interest. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit...
please do calculate bond amortization cost as well, as its not fully showing in last pic....
please do calculate bond amortization cost as well, as its not
fully showing in last pic. Thanks!
On January 1, 2021, Oriole Ltd, issued $440,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Oriole's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Oriole redeemed the bonds. A partial bond amortization schedule is presented below. Semi-Annual Interest Interest Bond Interest Period Payment Expense...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Need assistance please Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31...
Need assistance please
Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these 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 ||Interest Expense Cash 175,000 Discount on Bonds...
Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage note payable to finance the...
Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $41,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when amount...
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...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is payable annually on January 1, Blossom uses straight-line amortization for bond premium discount Prepare the journal entries to record the following events. (Credit account des are automatically inde hemount is entered. Do not indent manually) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. Id The payment of interest on January 1, 2023. (d)...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable annually on August 1. Flounder's year-end is 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.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022....
Brief Exercise 10-10 Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2022, at...
Brief Exercise 10-10 Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
Oriole Company issued $306,000, 7%, 15-year bonds on December 31, 2021, for $293,760. Interest is payable...
Oriole Company issued $306,000, 7%, 15-year bonds on December 31, 2021, for $293,760. Interest is payable annually on December 31. Oriole uses the straight-line method to amortize bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The payment of interest and the discount amortization on December 31, 2022. (c) The redemption of the bonds at...
just need to correct my answers in the red box. Thanks!
Carla Vista Inc. issues $752,000 of 5-year, 10% bonds on January 1, 2021. The bonds pay interest annually. Prepare the journal entries to record the first three interest payments. Ignore any year-end accruals of interest. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit...
please do calculate bond amortization cost as well, as its not
fully showing in last pic. Thanks!
On January 1, 2021, Oriole Ltd, issued $440,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Oriole's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Oriole redeemed the bonds. A partial bond amortization schedule is presented below. Semi-Annual Interest Interest Bond Interest Period Payment Expense...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Need assistance please
Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these 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 ||Interest Expense Cash 175,000 Discount on Bonds...
Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $41,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when amount...
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...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is payable annually on January 1, Blossom uses straight-line amortization for bond premium discount Prepare the journal entries to record the following events. (Credit account des are automatically inde hemount is entered. Do not indent manually) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. Id The payment of interest on January 1, 2023. (d)...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable annually on August 1. Flounder's year-end is 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.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022....
Brief Exercise 10-10 Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
Most questions answered within 3 hours.
-
A manufacturer of chocolate chips would like to know whether its
bag filling machine works correctly...
asked 27 seconds ago -
when released from rest at point A, an unknown ion moves to
point B. At point...
asked 44 seconds from now -
A stock is expected to pay the following dividends: $1.1
four years from now, $1.4 five...
asked 4 minutes ago -
Consider the student registration business process at
your college:
1.)Describe the steps necessary for you to...
asked 7 minutes ago -
G=yellow and g=green pea seeds. You cross a heterozygous
yellow-seeded plant with a green-seeded plant to...
asked 7 minutes ago -
Current Balance Experiment
a) When there is no current flowing through the electromagnet
coil, is there...
asked 6 minutes ago -
In Visual Basic 2017, Write a complete Main method that prints
Hello, world to the screen....
asked 22 minutes ago -
a) Find the pressure difference on an airplane wing if air flows
over the upper surface...
asked 28 minutes ago -
Write an assessment of the current business analysis of Hilton
Worldwide using Porters 5 Forces analysis.
asked 39 minutes ago -
i need help on this
Chapter 9 Section 3 Question 1:
Rudy puts this poster, with...
asked 47 minutes ago -
True or false Assembly x86
41. _____ The program counter is a pointer to the
instruction....
asked 48 minutes ago -
You have conducted an experiment to try to demonstrate that
growth factor receptor X protein (GFRX)...
asked 1 hour ago