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(1) Period Issue Date: 2 Req 1 and 2 (2) Cash Paid for Interest. 7 $1,650 1,650 View transaction list No 1 2 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over t Complete this question by entering your answers in the tabs below. Req 3 Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. (If no entry is requi particular transaction/event, select "No Journal Entry Required in the first account fleid.) View journal entry worksheet (3) Interest Expense Transaction 2 $1,788 1,793 Cash (4) Increase in Carrying Value $138 143 Bonds Payable (5) Carrying Value $51,092 51,230 51,373 General Journal Interest Expense Discount on Bonds Payable Cash Debit 55.000 1.788 Credit 65,000 131 1.657

(1) Period Issue Date: 2 Req 1 and 2 (2) Cash Paid for Interest. 7 $1,650 1,650 View transaction list No 1 2 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over t Complete this question by entering your answers in the tabs below. Req 3 Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. (If no entry is requi particular transaction/event, select "No Journal Entry Required in the first account fleid.) View journal entry worksheet (3) Interest Expense Transaction 2 $1,788 1,793 Cash (4) Increase in Carrying Value $138 143 Bonds Payable (5) Carrying Value $51,092 51,230 51,373 General Journal Interest Expense Discount on Bonds Payable Cash Debit 55.000 1.788 Credit 65,000 131 1.657

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is a partial amortization schedule for Discount Pizza. (2) (5) Cash Paid for Interest (4) Increase in O Carrying Value Carrying Value $51,092 s (1) Period Issue Date 1 2 $1,650 1,650 View transaction list / No 1 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time. Complete this question by entering your answers in the tabs below. 2 Req 1 and 2 Req 3 Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View journal entry worksheet (3) Interest Expense Transaction 1 2 $1,788 1,793 Cash $138 143 Bonds Payable Interest Expense General Journal 51,230 51,373 Discount on Bonds Payable Cash Prat May 3 2 of 10 Debit $5,000 1.788 Next Credit 65,000 131 1.657
Transcribed Image Text:Presented below is a partial amortization schedule for Discount Pizza. (2) (5) Cash Paid for Interest (4) Increase in O Carrying Value Carrying Value $51,092 s (1) Period Issue Date 1 2 $1,650 1,650 View transaction list / No 1 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time. Complete this question by entering your answers in the tabs below. 2 Req 1 and 2 Req 3 Record the bond issue and first interest payment assuming the face amount of bonds payable is $55,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View journal entry worksheet (3) Interest Expense Transaction 1 2 $1,788 1,793 Cash $138 143 Bonds Payable Interest Expense General Journal 51,230 51,373 Discount on Bonds Payable Cash Prat May 3 2 of 10 Debit $5,000 1.788 Next Credit 65,000 131 1.657
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