Homework Help is Here – Start Your Trial Now!
Business
Accounting
ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125

ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Reporting issuance and retirement of ling-term debt

On the basis of the details of the following bonds payable and related descount aacounts,indicates the items to be reported in the "Cash flows from financing activities" section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125
Transcribed Image Text:ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bond Amortization
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS