a.  Journalize the entry to record the issuance of the installment notes.                   b.  Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: Given:

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $7,800,000, 8%,…

A: Discount = Face value - Cash Discount = $7,800,000 - $6,791,633 Discount = $1,008,367

Q: On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays…

A: Excess of issue price over the face value of the bond is Premium on Bonds Payable.   In the given…

Q: On July 1, Year 1, Khatri Industries Inc. issued $18,00 Interest on the bonds is payable…

A: Solution: Introduction: A bond is a financial debt instrument so it requires its issuing company to…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 6%,…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $950,000, 8%, 10-year…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,500,000,…

A: Bonds: To raise the funds and finance the operations of the company, money is borrowed from the…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: Instructions Chart of Accounts Journal Final Question Instructions On July 1. Year 1, Khatri…

A: Issued amount for bonds = $ 48800000 Cash received for bonds = $ 41864544 Term = 10 years Bonds…

Q: Determine the total interest expense for Year 1. $ 4. Will the bond proceeds always be less than the…

A: Discount on bond - It is the difference between the face value of a bond and the reduced price at…

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On the first day of the fiscal year, a company issues a $4,600,000, 10%, 8-year bond that pays…

A: Premium on bonds payable = Issue price - face value of bonds = 5434494-4600000 = $834,494

Q: Prepare the required financial statement disclosure at December 31 of Year 1, indicating the amounts…

A: The disclosure of the debt is required to made by the company or which have to be provided so that…

Q: On the first day of the fiscal year, a company issues a $2,050,000, 9%, five-year bond that pays…

A: Bond: It is  long-term financial instrument issued by a company. Interest is paid to bond holders…

Q: On january 1 a company issued and sold a 400, 000 8 % 10 year bond payable and recieved proceeds of…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Journal entries are used to record entries in chronological order for a business.

Q: General Journal for the following: The following transactions were completed by Winklevoss Inc.,…

A: Bonds Payable: Bonds payable are the liabilities that need to be settled after maturity with…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% ,…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Recording Entries for Interest-Bearing Note Payable Fern Company purchased goods on January 1,…

A: INTRODUCTION: Interest is computed as a percentage of a loan (or deposit) amount and is paid to the…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $750,000, 6%, 10-year…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: y Winklevoss Inc., who

A: Callable securities in this manner remunerate financial specialists for that probability as they…

Q: On the first day of the fiscal year, a company issues a $4,000,000, 9%, 10-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: On January 1, the first day of the fiscal year, a company issues a $1,800,000, 4% , five-year bond…

A: When the issue price of the bonds is more than the face value of the bonds the bonds are issued at…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 9%,…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On the first day of the fiscal year, a company issues a $7,500,000, 6%, 8-year bond that pays…

A: Bonds are issued at a discount when market interest rate is higher than stated rate. Bonds are…

Q: On January 1, 20Y2, Hebron Company issued a $71,000, 4-year, 11% installment note to Ventsam Bank.…

A: NOTES PAYABLE Notes payable, usually referred to as promissory notes, are a type of debt that a…

Q: On the first day of the fiscal year, a company issues a $3,900,000, 8%, 7-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,400,000, 6%,…

A: The bonds are the Financial instruments that are issued to raise the money from the market or…

Q: ssuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,700,000, 9%,…

A:

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Journal: Recording of a business transactions in a chronological order.

Q: Entries for Bonds Payable and Installment Note Transactions The following transactions were…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Journalize the bond issuance. If an amount box does not require an entry,

A: Pass necessary journal.

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 11%,…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an…

A: Bonds are the loan issued by Companies.

Q: Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,700,000, 7%,…

A: Bonds are issued at premium when the issue price of the bond is more than the face value of the…

Q: Discount Amortization On the first day of the fiscal year, a company issues a $3,000,000, 11%,…

A: Bond :— It is one of the type of securities that pays fixed periodic interest and face value amount…