Homework Answers
Solution:
| Journal Entries - Agrico Inc. | |||
| Date | Particulars | Debit | Credit |
| 15-Mar-20 | Cash Dr | $4,857.92 | |
| To Note receivables | $4,450.00 | ||
| To Interest receivables ($4,450*11%*7.50/12) | $305.94 | ||
| To Interest revenue ($4,450*11%*2.5/12) | $101.98 | ||
| (To record collection of note at maturity) |
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Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
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