For each of the four independent situations below, prepare a single journal entry that summarizes the recording and payment of interest and determine the amount of cash paid for bond interest. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Interest Journal Calculate the amount of cash paid for bond interest. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Interest Interest Payable Increase (Decrease) Unamortized Discount Cash Paid for Situation Expense Increase (Decrease) Interest 1 36 36.0 36 7.2 28.8 3 36 (10.8) 25.2 4 36 (7.2) (10.8) 32.4

For each of the four independent situations below, prepare a single journal entry that summarizes the recording and payment of interest and determine the amount of cash paid for bond interest. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Interest Journal Calculate the amount of cash paid for bond interest. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Interest Interest Payable Increase (Decrease) Unamortized Discount Cash Paid for Situation Expense Increase (Decrease) Interest 1 36 36.0 36 7.2 28.8 3 36 (10.8) 25.2 4 36 (7.2) (10.8) 32.4

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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