Please answer part (a) and (b) completely and correctly fill out every single box with the right information **Blossom Company Bond Issuance Details****Bond Details:**- **Issuer:** Blossom Company- **Amount:** $1,000,000- **Term:** 10 years- **Interest Rate:** 10%- **Issue Price:** 95% of face value- **Interest Payment Date:** January 1 each year**Requirement (a):****Task:**Prepare the journal entry for the sale of the bonds on January 1, 2022.**Instructions:**- Note that credit account titles are automatically indented when amounts are entered.- Do not manually indent entries.**Journal Entry Format:**| Date | Account Titles and Explanation | Debit | Credit ||---------|---------------------------------|-------|--------|| Jan. 1 | | | || | | | || | | | |This entry will reflect the accounting impact of issuing the bonds at a discount, recording both the cash received and the obligation to pay back more than the amount received, adjusted for the discount. ### Journal Entry Preparation for Bond Sale**Scenario**: Assume that the bonds mentioned were sold for $108. You are required to prepare the journal entry to record this bond sale, dated January 1, 2022.**Note**: Credit account titles will be automatically indented when the amount is entered. Do not indent manually.#### Journal Entry Template| Date | Account Titles and Explanation | Debit | Credit ||--------|--------------------------------|-------|--------|| Jan. 1 | | | || | | | || | | | |Fill in the necessary account titles and amounts under "Debit" and "Credit" to accurately record the transaction following standard accounting principles.

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

Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1

Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

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Please answer part (a) and (b) completely and correctly fill out every single box with the right information

**Blossom Company Bond Issuance Details**

**Bond Details:**
- **Issuer:** Blossom Company
- **Amount:** $1,000,000
- **Term:** 10 years
- **Interest Rate:** 10%
- **Issue Price:** 95% of face value
- **Interest Payment Date:** January 1 each year

**Requirement (a):**

**Task:**
Prepare the journal entry for the sale of the bonds on January 1, 2022.

**Instructions:**
- Note that credit account titles are automatically indented when amounts are entered.
- Do not manually indent entries.

**Journal Entry Format:**

| Date | Account Titles and Explanation | Debit | Credit |
|---------|---------------------------------|-------|--------|
| Jan. 1 | | | |
| | | | |
| | | | |

This entry will reflect the accounting impact of issuing the bonds at a discount, recording both the cash received and the obligation to pay back more than the amount received, adjusted for the discount.

### Journal Entry Preparation for Bond Sale

**Scenario**: Assume that the bonds mentioned were sold for $108. You are required to prepare the journal entry to record this bond sale, dated January 1, 2022.

**Note**: Credit account titles will be automatically indented when the amount is entered. Do not indent manually.

#### Journal Entry Template

| Date | Account Titles and Explanation | Debit | Credit |
|--------|--------------------------------|-------|--------|
| Jan. 1 | | | |
| | | | |
| | | | |

Fill in the necessary account titles and amounts under "Debit" and "Credit" to accurately record the transaction following standard accounting principles.

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