Doyle Company issued $359,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $64.000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1 Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2 1.Record the issue of bonds payable. 2. Record the purchase of land. 3.Record the receipt of lease revenue 4.Record the interest expenses for bonds payable. 5. Record the entry to close revenue and expense accounts. 6.Record the receipt of lease revenue. 7.Record the interest expenses for bonds payable. 8.Record the entry to close revenue and expense accounts. Post the entries to T-accounts for Year 1 and Year 2. (Select "d" for all the closing entries) Cash Land End Bal Year 2 End Bat End Bal Year 1 End Bal Year 2 Bonds Payable Lease Revenue Year End Bal Year 1 End Bal Year 2 End Bal Year 1 End Bal Year 2 Retained Earnings Interest Expense

Doyle Company issued $359,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $64.000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1 Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2 1.Record the issue of bonds payable. 2. Record the purchase of land. 3.Record the receipt of lease revenue 4.Record the interest expenses for bonds payable. 5. Record the entry to close revenue and expense accounts. 6.Record the receipt of lease revenue. 7.Record the interest expenses for bonds payable. 8.Record the entry to close revenue and expense accounts. Post the entries to T-accounts for Year 1 and Year 2. (Select "d" for all the closing entries) Cash Land End Bal Year 2 End Bat End Bal Year 1 End Bal Year 2 Bonds Payable Lease Revenue Year End Bal Year 1 End Bal Year 2 End Bal Year 1 End Bal Year 2 Retained Earnings Interest Expense

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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