Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $30,500,000 of 20-year, 10% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Required: Journalize the entries to record the following selected transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 20Y1 May Nov. GOVE 1 Issued the bonds for cash at their face amount. 1 Paid the interest on the bonds.
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $30,500,000 of 20-year, 10% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Required: Journalize the entries to record the following selected transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 20Y1 May Nov. GOVE 1 Issued the bonds for cash at their face amount. 1 Paid the interest on the bonds.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Instructions Chart of Accounts Journal
Instructions
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $30,500,000 of 20-year, 10% callable
bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar
year.
F3
Required:
Journalize the entries to record the following selected transactions. Refer to the chart of accounts for the exact wording of the
account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit
entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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