Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount. Warning Don't show me this message again for the assignmentOk Cancel 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.)DateAccount Titles and ExplanationDebitCreditJan. 1, 2015 Warning Don't show me this message again for the assignmentOk Cancel Show List of Accounts Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 1, 2015 Warning Don't show me this message again for the assignmentOk Cancel Show List of Accounts Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 31, 2015 Warning Don't show me this message again for the assignmentOk Cancel Show List of Accounts Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1, 2035 Warning Don't show me this message again for the assignmentOk Cancel Show List of AccountsOn January 1, 2015, the ledger of Accardo Company contains the following liability accounts.Accounts Payable $56,350Sales Taxes Payable 8,320Unearned Service Revenue 15,930During January, the following selected transactions occurred.Jan. 5 Sold merchandise for cash totaling $15,012, which includes 8% sales taxes.12 Performed services for customers who had made advance payments of $11,330. (Credit Service Revenue.)14 Paid state revenue department for sales taxes collected in December 2014 ($8,320).20 Sold 850 units of a new product on credit at $50 per unit, plus 8% sales tax.21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.25 Sold merchandise for cash totaling $9,504, which includes 8% sales taxes. Warning Don't show me this message again for the assignmentOk Cancel Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 5 Jan. 12 Jan. 14 Jan. 20 Jan. 21 Jan. 25 Warning Don't show me this message again for the assignmentOk Cancel Show List of Accounts Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 31 Warning Don't show me this message again for the assignmentOk Cancel Show List of Accounts Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.Accardo CompanyBalance Sheet (Partial)January 31, 2014 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity $ Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders’ Equity $ Warning Don't show me this message again for the assignmentOk Cancel

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount. Warning Don't show me this message again for the assignment Ok Cancel 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, 2015 Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2015 Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2015 Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Warning

Don't show me this message again for the assignment

Ok Cancel

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, 2015

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
July 1, 2015

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2015

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2035

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.

Accounts Payable		$56,350
Sales Taxes Payable		8,320
Unearned Service Revenue		15,930

During January, the following selected transactions occurred.

Jan. 5		Sold merchandise for cash totaling $15,012, which includes 8% sales taxes.
12		Performed services for customers who had made advance payments of $11,330. (Credit Service Revenue.)
14		Paid state revenue department for sales taxes collected in December 2014 ($8,320).
20		Sold 850 units of a new product on credit at $50 per unit, plus 8% sales tax.
21		Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.
25		Sold merchandise for cash totaling $9,504, which includes 8% sales taxes.

Warning

Don't show me this message again for the assignment

Ok Cancel

Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5


Jan. 12

Jan. 14

Jan. 20


Jan. 21

Jan. 25

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.

Accardo Company Balance Sheet (Partial) January 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity
		$




Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders’ Equity		$

Warning

Don't show me this message again for the assignment

Ok Cancel

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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.