HİLİ Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 100 Life of bonds: 10 years Stated rate: 6% a year payable semiannually on October 31 and April 30 Required: Prepare the following general journal entries. a. The issuance of the bonds on May 1, 20-A. b. The first interest payment for 20-A. C. The adjusting entry for December 31, 20-A. d. The reversing entry for January 1, 20-B.-
HİLİ Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 100 Life of bonds: 10 years Stated rate: 6% a year payable semiannually on October 31 and April 30 Required: Prepare the following general journal entries. a. The issuance of the bonds on May 1, 20-A. b. The first interest payment for 20-A. C. The adjusting entry for December 31, 20-A. d. The reversing entry for January 1, 20-B.-
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 8RE
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Question
100%
![HİLİ Corporation had the following bond issue:
Date of issue/sale:
May 1, 20-A
Principal:
$500,000
Sale price of bonds:
100
Life of bonds:
10 years
Stated rate:
6% a year payable semiannually on October 31 and April 30
Required:
Prepare the following general journal entries.
a. The issuance of the bonds on May 1, 20-A.
b. The first interest payment for 20-A.
C. The adjusting entry for December 31, 20-A.
d. The reversing entry for January 1, 20-B.-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde9e2536-88e5-43d3-b507-580360a7947e%2F2bad3f24-db6b-494f-aa2f-00e26e3ffc29%2Fhlnlbvw.jpeg&w=3840&q=75)
Transcribed Image Text:HİLİ Corporation had the following bond issue:
Date of issue/sale:
May 1, 20-A
Principal:
$500,000
Sale price of bonds:
100
Life of bonds:
10 years
Stated rate:
6% a year payable semiannually on October 31 and April 30
Required:
Prepare the following general journal entries.
a. The issuance of the bonds on May 1, 20-A.
b. The first interest payment for 20-A.
C. The adjusting entry for December 31, 20-A.
d. The reversing entry for January 1, 20-B.-
![Chrome
ment/takeAssic
in.do?invoker 8takeAssignmentSessionL.ocator%-D8ünprogress-false
Calcutor
Prepare the following general journal entries.
a. The issuance of the bonds on May 1, 20-A.
b. The first interest payment for 20-A.
c. The adjusting entry for December 31, 20-A.
d. The reversing entry for January 1, 20-B.
If an amount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
a. May 1
2.
2.
3.
b. Oct. 31
4.
3.
4.
5.
5.
6.
C. Dec. 31
7.
8.
8.
10 d. Jan. 1
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde9e2536-88e5-43d3-b507-580360a7947e%2F2bad3f24-db6b-494f-aa2f-00e26e3ffc29%2Fghpfnbs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Chrome
ment/takeAssic
in.do?invoker 8takeAssignmentSessionL.ocator%-D8ünprogress-false
Calcutor
Prepare the following general journal entries.
a. The issuance of the bonds on May 1, 20-A.
b. The first interest payment for 20-A.
c. The adjusting entry for December 31, 20-A.
d. The reversing entry for January 1, 20-B.
If an amount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
a. May 1
2.
2.
3.
b. Oct. 31
4.
3.
4.
5.
5.
6.
C. Dec. 31
7.
8.
8.
10 d. Jan. 1
11
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