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Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
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On July 2, 2018, Astrotech Inc. purchased $440,000 of Sain Corp. 4 % bonds at a price to yield a market interest rate of 5 %. The bonds pay interest semi- annually on July 1 and January 1, and mature on July 1, 2028. Astrotech plans to hold this investment until it matures. At December 31, 2018, which is the year end for both companies, the bonds were trading at 94 (this means 94 % of maturity value). Part 1...
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On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
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On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
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Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
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equired information [The following information applies to the
questions displayed below.] Tyrell Co. entered into the following
transactions involving short-term liabilities in 2017 and 2018.
2017 Apr. 20 Purchased $35,500 of merchandise on credit from
Locust, terms n/30. Tyrell uses the perpetual inventory system. May
19 Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 8% annual interest along with paying $500 in
cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a...
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Required information (The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $0 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a...
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Required information [The following information applies to the
questions displayed below.] Tyrell Co. entered into the following
transactions involving short-term liabilities in 2017 and 2018.
2017 Apr. 20 Purchased $35,500 of merchandise on credit from
Locust, terms n/30. Tyrell uses the perpetual inventory system. May
19 Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 8% annual interest along with paying $500 in
cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a...
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S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
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Malcolm Company borrowed money by issuing $4,000,000 of 4% bonds payable at 102.7 on July 1, 2018. The bonds are five-year bonds and pay interest each January 1 and July 1. Read the requirements. 1. How much cash did Malcolm receive when it issued the bonds payable? Journalize this transaction. Malcolm received $ when the bonds payable were issued. i Requirements 1. How much cash did Malcolm receive when it issued the bonds payable? Journalize this transaction. 2. How much...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
On July 2, 2018, Astrotech Inc. purchased $440,000 of Sain Corp. 4 % bonds at a price to yield a market interest rate of 5 %. The bonds pay interest semi- annually on July 1 and January 1, and mature on July 1, 2028. Astrotech plans to hold this investment until it matures. At December 31, 2018, which is the year end for both companies, the bonds were trading at 94 (this means 94 % of maturity value). Part 1...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
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Required information (The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $0 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
Malcolm Company borrowed money by issuing $4,000,000 of 4% bonds payable at 102.7 on July 1, 2018. The bonds are five-year bonds and pay interest each January 1 and July 1. Read the requirements. 1. How much cash did Malcolm receive when it issued the bonds payable? Journalize this transaction. Malcolm received $ when the bonds payable were issued. i Requirements 1. How much cash did Malcolm receive when it issued the bonds payable? Journalize this transaction. 2. How much...