Five thousand bonds with a face value of $1000 each, are sold at 98. The entry to record the issuance isCashBonds Payable49000004900000Cash4900000Premium on Bonds Payable100000Bonds Payable5000000Cash5000000Discount on Bonds PayableBonds Payable1000004900000Cash4900000Discount on Bonds Payable100000Bonds Payable5000000

Given:Number of Bonds: 5,000Face Value per Bond: $1,000Selling Price: 98% of face valueStep 1:…

Answered: Five thousand bonds with a face value…

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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The Reagan Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2014, at 92. The journal entry to record the issuance will show a: credit to Discount on Bonds Payable for $80,000. credit to Cash for $920,000. debit to Cash of $1,000,000. debit to Cash of $1,000,000.
A $300,000 bond was redeemed at 104 when the carrying amount of the bond was $316,000. The entry to record the redemption would include a Oa. loss on bond redemption of $3,000 Ob. gain on bond redemption of $3,000 Oc. loss on bond redemption of $4,000 Od. gain on bond redemption of $4,000 7 a I' B in 20 D W 14 Previous Next ^04) O
Eddie industries issue 861000 of bonds at 102. The amount of cash received from the sale is
What would be the required journal entry on the date of issuance if a company issues $100,000 five-year, 10% bond for $103,769 and the interest is to be paid semiannually? debit cash, $100,000, and credit bond payable $100,000 debit cash $103,769, and credit bond payable $100,000 and credit premium on bonds payable $3,769 debit bonds payable $103,769 and debit discount on bonds payable $3,769, and credit cash $100,000 debit cash $103,769 and debit discount on bonds payable $3,769, and credit bonds payable $100,000
5. Federer Corporation issued $540,000 in bonds for $498,600. The bonds had a stated rate of 12% and pay interest quarterly. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds? DR DR/CR ? CR What is the journal entry to record the first interest payment? (Note: Do not consider the premium or discount.) DR CR
Prepare entry for bonds issued. BE10.9 (LO 3), AP Ravine Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022. Prepare journal entries for bonds issued at face value.
What is the correct choice? A $200,000 bond issue with a carrying value of $194,000 is called at 101 and retired. The entry to record the retirement of bonds is: a. Bonds Payable 200,000 Gain on Retirement of Bonds 6,000 Cash 194,000 b. Bonds Payable 200,000 Cash 200,000 c. Bonds Payable 200,000 Loss on Retirement of Bonds 8,000 Unamortised Bond Discount 6,000 Cash 202,000 d. Bonds Payable 194,000 Loss on Retirement of Bonds 8,000 Cash…
A $291,000 bond was redeemed at 98 when the carrying amount of the bond was $286,635. What amount of gain or loss would be recorded as part of this transaction? Select the correct answer. loss on bond redemption of $4,365. gain on bond redemption of $5,820. gain on bond redemption of $1,455. loss on bond redemption of $1,455.
Raghubhai
A $1,000,000 bond issue on which there is an unamortized premium of $71,600 is redeemed for $1,051,500. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 191 Land 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331…
If $1,000,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is
Five thousand bonds with a face value of $2000 each, are sold at 89. The entry to record the issuance is Cash 8900000 Premium on Bonds Payable 1100000 Bonds Payable 10000000 Cash 8900000 Bonds Payable 8900000 Cash 10000000 Discount on Bonds Payable 1100000 Bonds Payable 8900000 Cash 8900000 Discount on Bonds Payable 1100000 Bonds Payable 10000000

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