Shamrock, Inc. issues $266,000. 10-year, 10% bonds at 98. Prepare the journal entry to record the sale of these bonds o...

Question

Question

Shamrock, Inc. issues $266,000. 10-year, 10% bonds at 98. Prepare the journal entry to record the sale of these bonds on Marc

Answer 1

Answer #1

Journal Entry:

Date	Account Name	Debit	Credit
Mar.1'2022	Cash ( $266000 × 0.98)	$ 260,680
	Discount on Bond Payable(Diff)	$5320
	To Bond Payable		$ 266,000

Answer 2

Similar Homework Help Questions

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
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
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...

Larkspur, Inc. issues $251,000, 10-year, 10% bonds at 96. Prepare the journal entry to record the...

Larkspur, Inc. issues $251,000, 10-year, 10% bonds at 96. 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
Larkspur, Inc. issues $251,000, 10-year, 10% bonds at 96. Prepare the journal entry to record the...

Larkspur, Inc. issues $251,000, 10-year, 10% bonds at 96. 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
Skysong, Inc. issues $267,000, 10-year, 6% bonds at 96. Prepare the journal entry to record the...

Skysong, Inc. issues $267,000, 10-year, 6% bonds at 96. 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 Interest Expense 191880 Discount on Bonds Payable 4680 Interest Payable 187200

Sandhill Co. issues $350,000. 20-year, 10% bonds at 101. Prepare the journal entry to record the...

Sandhill Co. issues $350,000. 20-year, 10% bonds at 101. 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
Sheridan Company issues $280,000, 20-year, 10% bonds at 102. Prepare the journal entry to record the...

Sheridan Company issues $280,000, 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
Ivanhoe Company issues $265,000. 20-year, 10% bonds at 103. Prepare the journal entry to record the...

Ivanhoe Company issues $265,000. 20-year, 10% bonds at 103. 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

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