CalculatorThe journal entry a company records for the issuance of bonds when the contract rate and the market rate are the same istodebit Cash and Discount on Bonds Payable, credit Bonds Payabledebit Cash, credit Premium on Bonds Payable and Bonds Payabledebit Cash, credit Bonds Payabledebit Bonds Payable, credit Cash4:14 PM

Bonds: Bonds are debts instruments issued by corporates. Bonds are issued at par, premium and…

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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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Ee 98.
Need question with questions 18.19,20
Record bond issue record the first semiannual interest payment record the second semiannual interest payment
#9 Item Prior year Current year Accounts payable 8,123.00 7,716.00 Accounts receivable 6,048.00 6,607.00 Accruals 997.00 1,500.00 Cash ??? ??? Common Stock 10,094.00 11,603.00 COGS 12,653.00 18,393.00 Current portion long-term debt 4,911.00 5,090.00 Depreciation expense 2,500 2,763.00 Interest expense 733 417 Inventories 4,245.00 4,824.00 Long-term debt 14,141.00 13,226.00 Net fixed assets 51,826.00 54,004.00 Notes payable 4,339.00 9,940.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,688.00 30,532.00 Sales 35,119 45,044.00 Taxes 2,084 2,775 What is the firm's cash flow from financing? Answer format: Number: Round to: 0 decimal places.
Discount Cash Premium Interest payable Par Interest expense Discount on bond payable Yes Bonds payable No Loss on redemption Gain on redemptin Cash Interest payable Interest receivable Notes payable Gain on restructuring Loss on restructuring Discount on Note payable Premium on Note payable Bad debt expense Allowance for bad debts
Period Cash Paid Interest Expense Interest in Carrying Value Carrying Value Issue Date $85,940 1 $4,100 $ 3,438 $662 85,278 2 4,100 3,411 689 84,589 1. & 2. Record the bond issue assuming the face value of bonds payable is $79,000 and first interest payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the bond issue. Event General Journal Debit Credit 1 Record the first interest payment. Event General Journal Debit Credit 2
Tr.17.
Create T accounts for the following data Date Account name debit credit Jan 1 Cash 180000 Building 630000 Land 220000 Common stock 700000 Premium on issue of common stock 280000 Jan 1 Pre paid insurance 72000 cash 72000 Feb 1 cash 150000 3yr 4% note payable 150000 Mar 1 Cash 280000 Service revenue 280000 Jul 1 cash 485000 Discount on bond issued 15000 6% 5yr 500000 Dec 31 Interest on Bond expense 15000 cash 15000 Dec 31 Interest on note payable expense 29052 5yr 6% note payable 25000 cash 54052 Dec 31 Dividend 40000 Dividend payable 40000 Dec 31 Depreciation expense 21000 Accumulated Depreciation 21000 Dec 31 Insurance Expense 36000 prepaid insurance 36000
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iRequirements 1. Journalize Andersen Brothers's transactions related to the bonds for 2018. 2. Journalize the entry required on the Thomson bonds maturity date. (Assume the last interest payment has already been recorded.) Print Done
On January 1, Parson Freight Company issues 8.5%, 10-year bonds with a par value of $2,300,000. The bonds pay interest semiannually. The marke rate of interest is 9.5% and the bond selling price was $2,143,712. The bond issuance should be recorded as: Multiple Choice 22 Debit Cash $2,300,000; credit Bonds Payable $2,300,000. Debit Cash $2143,712; credit Bonds Payable $2,143,712. Debit Cash $2,300,000; credit Bonds Payable $2,143,712: credit Discount on Bonds Payable $156,288. Nohit Cach 2143712 dehit Diecount on Ronds Pavahle $156.288 crerdit Ronds Pavahle 2 300 000 Mc Graw Hill 9:12 P 96% Type here to search 3/21/20

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