Homework Answers
| Date | Account title and explanation | Debit | Credit |
| Jan 1 | Cash ($520,000 X 96%) | $499,200 | - |
| Discount on bonds payable | $20,800 | - | |
| Bonds payable | - | $520,000 | |
| (To record issue of bonds at discount) |
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Pharoah Company issued $520,000, 15-year, 6% bonds at 96. (a) - Your answer is partially correct....
Sheridan Company issued $525,000, 15-year, 7% bonds at 96. Your answer is partially correct. Try again....
Sheridan Company issued $525,000, 15-year, 7% bonds at 96. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2 Jan. 1 Cash Discount on Bonds Payable Bonds Payable Suppose the remaining Discount on Bonds Payable was $12,600 on December 31, 2027. Show the balance sheet...
Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the...
Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cush 648900000 630000.00 Bonds Payable 630000100 Textbook and Media
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable...
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah 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 454500 450000 4500 Prepare the journal entry to record the accrual of interest and the premium...
Oriole Company issued $2,430,000 of bonds on January 1, 2020. Your answer is partially correct. Try...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
Need assistance please Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31...
Need assistance please
Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 ||Interest Expense Cash 175,000 Discount on Bonds...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in...
Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective-interest method to amortize bond premium or discount of Bramble. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense to Be...
Flint Corporation issued 2,900 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest...
Flint Corporation issued 2,900 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically...
Sheridan Company issued $525,000, 15-year, 7% bonds at 96. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2 Jan. 1 Cash Discount on Bonds Payable Bonds Payable Suppose the remaining Discount on Bonds Payable was $12,600 on December 31, 2027. Show the balance sheet...
Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cush 648900000 630000.00 Bonds Payable 630000100 Textbook and Media
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah 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 454500 450000 4500 Prepare the journal entry to record the accrual of interest and the premium...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
Need assistance please
Oriole Company issues $2.5 million, 10-year, 7% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 ||Interest Expense Cash 175,000 Discount on Bonds...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective-interest method to amortize bond premium or discount of Bramble. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense to Be...
Flint Corporation issued 2,900 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically...
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