Your company issues $500,000 in bonds at a price of 98. The journal entry used to...
Your company issues $500,000 in bonds at a price of 98. The journal entry used to record the issuance will include a debit to:
|
Cash for $490,000, a debit to Discount on Bonds Payable for $10,000, and a credit to Bonds Payable for $500,000. |
||
|
Cash for $490,000, a credit to Discount on Bonds Payable for $10,000, and a credit to Bonds Payable for $500,000. |
||
|
Bonds Payable for $500,000, a credit to Discount on Bonds Payable for $10,000, and a credit to Cash for $490,000. |
||
|
Bonds Payable for $490,000, a debit to Discount on Bonds Payable for $10,000, and a credit to Cash for $500,000. |
Homework Answers
| Correct answer is = A | ||
| Debit | Credit | |
| Cash (5,000 X $98) | $ 4,90,000 | |
| Discount on bonds payable | $ 10,000 | |
| Bonds payable | $ 5,00,000 |
Add Answer to:
Your company issues $500,000 in bonds at a price of 98.
The journal entry used to...
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the co...
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the company uses the effective interest method of amortization of any discount or premium on bonds. Prepare the June 30, 2019 and the second interest payment on December 31, 2019. general journal entry to record the first semiannual interest payment on Credit Debit Date
On January 1, 2019,...
ment CALCULATO Question 2 Bonita Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020,...
ment CALCULATO Question 2 Bonita Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 98. The Journal entry to record the issuance will show a debit to Cash for $2548000. debit to Cash of $2600000. credit to Discount on Bonds Payable for $52000. credit to Bonds Payable for $2652000.
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 9.00%, 15-year bonds with a par value of $310,000 and semiannu...
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 9.00%, 15-year bonds with a par value of $310,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 7.00%, which implies a selling price of 118 2/5. Record the issue of bonds with a par value of $310,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan...
On January 1, a company issues bonds dated January 1 with a par value if $490,000....
On January 1, a company issues bonds dated January 1 with a par value if $490,000. The bonds mature in 5 years. The contract rate is 8%, and interest is paid seminannually on June 30 and December 31. The market rate is 9% and the bonds are sold for $470,600. The journal entry to record the second interest payment using the effective interest methond of amortization is: A) Debit Interest Expense $21,247.96; credit Discount on Bonds Payable $1647.96; credit Cash...
On January 1, a company issues bonds dated January 1 with a par value of $210,000....
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
On January 1, Martinez Corp. issues $2640000, 5-year, 12% bonds at 98 with interest payable on...
On January 1, Martinez Corp. issues $2640000, 5-year, 12% bonds at 98 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a debit to Interest Expense, $158400. credit to Discount on Bonds Payable, $10560. credit to Discount on Bonds Payable, $5280. debit to Interest Expense, $316800.
Larkspur, Inc. issues $273,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the...
Larkspur, Inc. issues $273,000, 10-year, 8% 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
Oriole Company issues $270,000, 20-year, 10% bonds at 102. Prepare the journal entry to record the...
Oriole Company issues $270,000, 20-year, 10% bonds at 102. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash Bonds Payable 270,000 Premium on Bonds Payable
Shamrock, Inc. issues $266,000. 10-year, 10% bonds at 98. Prepare the journal entry to record the sale of these bonds o...
Shamrock, Inc. issues $266,000. 10-year, 10% 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
Teal Mountain Inc. issues $270,000. 10-year, 6% bonds at 98. Prepare the journal entry to record...
Teal Mountain Inc. issues $270,000. 10-year, 6% 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
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the company uses the effective interest method of amortization of any discount or premium on bonds. Prepare the June 30, 2019 and the second interest payment on December 31, 2019. general journal entry to record the first semiannual interest payment on Credit Debit Date
On January 1, 2019,...
ment CALCULATO Question 2 Bonita Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 98. The Journal entry to record the issuance will show a debit to Cash for $2548000. debit to Cash of $2600000. credit to Discount on Bonds Payable for $52000. credit to Bonds Payable for $2652000.
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
Larkspur, Inc. issues $273,000, 10-year, 8% 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
Oriole Company issues $270,000, 20-year, 10% bonds at 102. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash Bonds Payable 270,000 Premium on Bonds Payable
Shamrock, Inc. issues $266,000. 10-year, 10% 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
Teal Mountain Inc. issues $270,000. 10-year, 6% 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
Most questions answered within 3 hours.
-
ONLY use the information provided here on the
firm's Mission Statement. Written assessment must include
(1)...
asked 12 seconds from now -
2 Aliases
2a: Create an alias, numberfiles, which prints the number of
files in the current...
asked 7 minutes ago -
Hi so I'm currently using MIT App Inventor to create a app and I
wanted to...
asked 3 minutes ago -
Create a truth table for a 4-bit input where the output will be
a 1, if...
asked 5 minutes ago -
in a taxable acquisition, P corporation, using its own stock and
cash, purchases S corporation. The...
asked 7 minutes ago -
please don't use the p value method instead use the "5 steps of
hypothesis testing." Or...
asked 26 minutes ago -
It is said that Galileo discovered a basic principle of the
pendulum—that the period is independent...
asked 31 minutes ago -
The Cost of Equity and
Flotation Costs
Messman Manufacturing
will issue common stock to the public...
asked 38 minutes ago -
a) summarize the challenges facing New Britain today
b) identify some of its strengths
c) suggest...
asked 40 minutes ago -
**86 at 40 not 88. please show how got Tr in calculations thank
you
2) The...
asked 41 minutes ago -
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 54 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 59 minutes ago