Journal entry
Date | account title and explanation | Debit | Credit |
May 1,2020 | Interest expense | 11400 | |
Interest payable | 22800 | ||
Cash | 34200 |
On May 1, 2019, Blossom Company issued $570,000,6%, 5-year bonds at face value. The bonds were...
On May 1, 2020, Crane Corp. issued $560,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. 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.) Debit Credit Date Account Titles and Explanation May 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year bonds at face value. Interest is payable annually on January 1. 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 Prepare the journal entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered....
Blossom Company issued $710.000. 12%. 10-year hands on December 31, 2019, for $640,000 Interest is payable annually on December 31. Blossom 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.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Prepare the journal entry to record the payment of interest and the discount...
lossom company issued $/10,000, 12%, 10-year bonds on December 31, 2019, tor S640,000. Interest is payable annually on December 31, Blossom company uses the straight-line method to amortize bond premiu scount. repare 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 ec. 31, 2019 Interest Expense 92200 Interest Payable 85200 Discount on Bonds Payable SHOW LIST OF ACCOUNTS...
Exercise 10-9 On January 1, 2017, Forrester Company issued $351,500, 9%, 5-year bonds at face value. Interest is payable annually on January 1. (a) 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.) Debit Credit Date Account Titles and Explanation Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 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 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
On January 1, Wildhorse Co. issued $366,000, 7%, 10-year bonds at face value. Interest is payable annually on January 1. 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 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. 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 Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...
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 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. 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.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...