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

See similar textbooks

Similar questions

kindly post the solution to the question thanks
In the image you can look at the question . Is asking me to choose the correct answer below and fill in the answer box to complete your choice . How can I solve this type of question ?
In what format can you distribute T4, T4A, T5, or T4FHSA slips by email or electronic portal without obtaining consent? * 1 point > A) Always B) Only when requested by the recipient Only when the recipient is on extended leave D) Never
please quickly thanks !! Please explain distinction and connection of draft, promissory and check.
Please answer E & G from the attached questions . Please label accordingly e.g E) instead of step 1 . Using CVP
Please respond via a memo on your thoughts of the GAAP article bellow:
please help with the question that is attached as a picture. thanks
All blanks need to be filled please and thank you, it's incomplete as of now.
Can you use excel to do the data please.
What are reversing entries, and how do they work?
1. What are the different BIR forms and describe and identify the deadline for submission of each form. Explain all please, don't answer short and don't plagiarize please, thank you
Can someone help me with the part b and c please?