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Journal entries
| Date | account and explanation | debit | credit |
| Jan 1,2019 | Cash | 254132 | |
| Bonds payable | 240000 | ||
| Premium on bonds payable | 14132 | ||
| (To record bond issue) | |||
| Dec 31,2019 | Interest expense (254132*11%) | 27955 | |
| Premium on bonds payable | 845 | ||
| Interest payable (240000*12%) | 28800 | ||
| (To record interest) | |||
| Jan 1,2020 | Interest payable | 28800 | |
| Cash | 28800 | ||
| (To record interest paid) | |||
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Exercise 10-23 Blue Spruce Company issued $240,000, 12%, 10-year bonds on January 1, 2019,...
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...
Please I need help with this!! Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000...
Please I need help with this!!
Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price resulted in an effective-interest rate of 8% on the bonds. Sunland 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...
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...
Sandhill Corporation issued $680,000, 7%, 20-year bonds on January 1, 2020, for $613,236. This price resulted...
Sandhill Corporation issued $680,000, 7%, 20-year bonds on January 1, 2020, for $613,236. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Sandhill 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 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102....
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. 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, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Problem 10-12A On January 1, 2019, Windsor, Inc. issued $2,280,000 face value, 8%, 10-year bonds at...
Problem 10-12A On January 1, 2019, Windsor, Inc. issued $2,280,000 face value, 8%, 10-year bonds at $2,133,677. This price resulted in an effective-interest rate of 9% on the bonds. Windsor uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Your answer is partially correct. Try again. 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....
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted...
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted in an effective-interest rate of 13% on the bonds. Kingbird 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, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account...
Exercise 10-9 On January 1, Crane Company issued S420,000, 896, 20-year bonds at face value. Interest...
Exercise 10-9 On January 1, Crane Company issued S420,000, 896, 20-year bonds at face value. Interest is payable annually on January 1 Prepare 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 LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare journal entry to record the accrual of interest on December 31. (Credit account titles are...
Exercise 15-16 a-c Carla Vista Company issued $790,000, 9%, 10-year bonds on December 31, 2019, for...
Exercise 15-16 a-c Carla Vista Company issued $790,000, 9%, 10-year bonds on December 31, 2019, for $720,000. Interest is payable annually on December 31. Carla Vista Company uses the straight-line method to amortize bond premium or discount. 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 Dec. 31, 2019 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare...
Please answer the question below, thanks! Problem 10-12A On January 1, 2019, Oriole Company issued $2,780,000...
Please answer the question below, thanks!
Problem 10-12A On January 1, 2019, Oriole Company issued $2,780,000 face value, 12%, 10-year bonds at $2,629,150. This price resulted in an effective-interest rate of 13% on the bonds. Oriole uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (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...
Please I need help with this!!
Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price resulted in an effective-interest rate of 8% on the bonds. Sunland 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...
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...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. 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, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Problem 10-12A On January 1, 2019, Windsor, Inc. issued $2,280,000 face value, 8%, 10-year bonds at $2,133,677. This price resulted in an effective-interest rate of 9% on the bonds. Windsor uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Your answer is partially correct. Try again. 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....
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted in an effective-interest rate of 13% on the bonds. Kingbird 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, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account...
Exercise 10-9 On January 1, Crane Company issued S420,000, 896, 20-year bonds at face value. Interest is payable annually on January 1 Prepare 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 LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare journal entry to record the accrual of interest on December 31. (Credit account titles are...
Exercise 15-16 a-c Carla Vista Company issued $790,000, 9%, 10-year bonds on December 31, 2019, for $720,000. Interest is payable annually on December 31. Carla Vista Company uses the straight-line method to amortize bond premium or discount. 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 Dec. 31, 2019 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare...
Please answer the question below, thanks!
Problem 10-12A On January 1, 2019, Oriole Company issued $2,780,000 face value, 12%, 10-year bonds at $2,629,150. This price resulted in an effective-interest rate of 13% on the bonds. Oriole uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when...
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