Date General Journal Debit Credit January 01, 2021

Q: Stanford issues bonds dated January 1, 2021, with a par value of $258,000. The bonds' annual…

A: The bonds are issued to raise the money from the market or investors. The bonds are treated as the…

Q: On January 1, 2021, Splash City issues $360,000 of 7% bonds, due in 10 years, with interest payable…

A: Semiannual interest payment = Face value of bonds x rate of interest x no. of months/12 = $360000 x…

Q: Tano Company issues bonds with a par value of $90,000 on January 1, 2021. The bonds' annual contract…

A: Par value of bonds$90,000Less: Proceed received$85,431Discount ($90,000 - $85,431)$4,569

Q: Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021,…

A: Bonds are a source of funds. Generally, bonds are issued to the public by corporations and…

Q: 12% cumulative preferred stock, $180 par, 160,000 shares authorized Common stock, $1.75 par,…

A: Issue price is the price at which the shares were issued and average issue price refers to the price…

Q: On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable…

A: Semiannual interest payment = Face value of bonds x rate of interest x no. of months/12 = $320000 x…

Q: Tano Company issues bonds with a par value of $94,000 on January 1, 2021. The bonds' annual contract…

A: A bond is a debt security that is always issued by a company, municipality, or government. It is a…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $760,000. The bonds' annual…

A: A premium bond is a bond whose current price is more than its face value. It will always have a…

Q: On January 1, 2024, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable…

A: Formula: Premium on Bonds = Issue value of the bonds - Face value of the bonds Interest payment =…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $900,000. The bonds' annual…

A: The bonds payable are treated as long term liabilities. The bonds are issued to raise money from the…

Q: A Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of…

A: Interest expense = 114000 x 5% x 6/12 = 2850 bond amortisation = (114000-109870)/8 = 516.25

Q: On March 1, 2021, BabyM company issued a four-year, P3,000,000 face value, 11% term bonds for…

A: Bonds issued at Premium: When a bond is issued at a premium, that means that the bond is sold for an…

Q: Quatro Co. issues bonds dated January 1, 2019, with a par value of $720,000. The bonds’ annual…

A: Given that: Par value of bonds = $720,000 Issue price of bonds $757,732

Q: On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable…

A: Entry to record the issuance of bonds payable.

Q: On January 1, 2024, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable…

A: Working Note: Premium on Bonds = Issue value of the bonds - Face value of the bonds =…

Q: On January 1, 2021, a company issues $720,000 of 8% bonds, due in twelve years, with interest…

A: Amortization schedule      Formula sheet of the above schedule

Q: On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market…

A: Bonds: This is just like debt for the issue of investors by the company. Bond is dependent on the…

Q: On January 1, 2024, Christmas Anytime issues $680, 000 of 5% bonds, due in 10 years, with interest…

A: Issue price of bonds would be the present value of the interest annuity & maturity amount at…

Q: Claremont Inc. issued a $400,000 bond on January 1, 2020. The bond had a five-year life and an 8%…

A: A bond is an instrument of an indebtedness to the holders of bond issuer in finance. The most…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $740,000. The bonds' annual…

A: Issue Price$758,222Less: Par Value$740,000Premium ($758,222 - $740,000)$18,222

Q: On September 30, 2021, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of…

A: Calculate the present value of the principal amount as shown below:

Q: Record the second semiannual interest payment. Note: Enter debits before credits. Date General…

A: Journal Entry: A journal entries is a record of the business transactions within the accounting…

Q: [The following information applies to the questions displayed below.] On January 1, 2024, Splash…

A: The bond is issued on a preimum if the coupon rate of the bond is higher than the market interest…

Q: On June 30, 2021, Moran Corporation issued $13.0 million of its 8% bonds for $11.7 million. The…

A: Lets understand basics. When bond is issued for less than its face value then it is known to be…

Q: On January 1, 2024, a company issues $800,000 of 8% bonds, due in twelve years, with interest…

A: Lets understand the basics.Bonds can be issued at either,(1) Par value(2) Premium(3) Discount…

Q: Quatro Co. issues bonds dated January 1, 2019, with a par value of $730,000. The bonds’ annual…

A: Formula: Premium on Bonds = Sell price - PAR value Deduction of PAR value from Sell price of bonds…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $810,000. The bonds’ annual…

A: The bonds are issued at premium means the cash received form the issue of bonds is more than its…

Q: On January 1, 2022, Pipestone Corporation issued a five-year, $40,000, 7% bond. The interest is…

A: Lets understand the basics.Bond can be issued at either par value or at discount or at premium.…

Q: On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable…

A: The bond amortization schedule is prepared to determine the interest expense and carrying value of…

Q: On June 30, 2021, Moran Corporation issued $13.5 million of its 6% bonds for $12.1 million. The…

A:

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $780,000. The bonds' annual…

A: The bonds are reported as the long-term liabilities in the balance sheet. The bonds are issued to…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $700,000. The bonds' annual…

A: The bonds payable are treated as long term liabilities. The bonds are issued to raise money from the…

Q: Windsor, Inc. has issued three different bonds during 2019. Interest is payable annually on each of…

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

Q: On January 1, 2021, an entity purchased marketable equity securities for P5,000,000. The equity…

A: In the given case the equity shares are held for trading purposes.. Any gains or losses for a…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $900,000. The bonds' annual…

A: When a corporation sells bonds to earn cash, bonds payable are recognized. The corporation is a…

Q: On March 1, 2024, Baddour, Incorporated, issued 10% bonds, dated January 1, with a face amount of…

A: The discount or premium on an issued bond is amortized to find the carrying value of the bond…

Q: Tano Company issues bonds with a par value of $87,000 on January 1, 2021. The bonds' annual contract…

A: Introduction: Bonds are issued to finance ongoing maintenance as well as infrastructure upgrades.…

Q: On July 1 2021, espresso industries issued $700000 of 12 % bonds, dated July 1. Interest is payable…

A: Face value = $700,000Coupon rate =12%Maturity = 3 yearsYield to maturity = 14%Proceeds =…

Q: Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest…

A: Face value of bond = $ 1,900,000                             Issue price of bond = $ 1,641,812…

Q: What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after…

A: Under Allowance Method, if ANY account receivable becomes uncollectible it is written off by…

Q: Quatro Company issues bonds dated January 1, 2021, with a par value of $700,000. The bonds' annual…

A: Issue Price$717,237Less: Par Value$700,000Premium ($717,237 - $700,000)$17,237

Q: Claremont Inc. issued a $400,000 bond on January 1, 2020. The bond had a five-year life and an 8%…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Duval Co. issues four-year bonds with a $108,000 par value on January 1, 2019, at a price of…

A: A bond issued at a discount means the contract rate is lower than the market interest rate. The…

Q: On June 30, 2021, Allen Corporation issued $4 million of its 8% bonds for $3.5 million. The bonds…

A: The bonds are issued at a discount when the interest offered by the market is greater than the…

Q: On January 1, 2021, QuantumQuarry Co. issued a 5-year bond with a face value of $500,000. The bond…

A: Bonds/Notes are the instruments/ securities issued by the companies to raise funds for the company…

Q: iking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021,…

A: When issue price of bonds is more than face value of bonds then these are issued at a premium. Bond…