Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%, five-year bond that pays semiannual interest of $210,000 ($4,200,000 x 10% x %), receiving cash of $4,041,710. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.
Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…
A: Given:
Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $7,800,000, 8%,…
A: Discount = Face value - Cash Discount = $7,800,000 - $6,791,633 Discount = $1,008,367
Q: On the first day of the fiscal year, a company issues a $4,800,000, 9%, 6-year bond that pays…
A: Formula: Interest expense = Bond face value x Interest rate x Time periods
Q: Issuing bonds at a premium On the first day of the fiscal year, a company issues a $6,000,000, 6%,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 6%,…
A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…
Q: Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a…
A: Journal Entry: Journal entry has two effects for every transaction. The journal entry is passed by…
Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: Issuing Bónds at a Premium On the first day of the fiscal year, a company issues a $5,300,000, 8%,…
A: Bonds are issued by companies for collecting economic resources for working. They pay a certain…
Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $950,000, 8%, 10-year…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,500,000,…
A: Bonds: To raise the funds and finance the operations of the company, money is borrowed from the…
Q: Issuing bonds at a premium On the first day of the fiscal year, a company issues a $4,600,000, 6%,…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an…
A: Bonds/Debentures are long term loans which a company borrow to finance its business. Company has to…
Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…
A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…
Q: Give me correct answer with explanation..j
A: Detailed explanation:Given : Face Value of Bonds, $ 248,000Stated Interest of Bonds 6%, paid…
Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…
A: Journal entries are prepared to record the financial and non financial transactions of the business…
Q: On the first day of the fiscal year, a company issues a $6,200,000, 12%, 4-year bond that pays…
A: When the face value of the bond and cash received against the issuance is less than the face value…
Q: On the first day of the fiscal year, a company issues a $8,000,000, 9%, 10-year bond that pays…
A: Bonds are kinds of loan with regular interest payment and mature after certain period of times.
Q: On the first day of the fiscal year, a company issues a $4,600,000, 10%, 8-year bond that pays…
A: Premium on bonds payable = Issue price - face value of bonds = 5434494-4600000 = $834,494
Q: Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
A: Journal entries refers to the official book of a company which is used to record the day to day…
Q: On the first day of the fiscal year, a company issues a $2,050,000, 9%, five-year bond that pays…
A: Bond: It is long-term financial instrument issued by a company. Interest is paid to bond holders…
Q: ssuing Bonds at a Discount 1. On the first day of the fiscal year, a company issues a $8,200,000,…
A: A bond issued on discount:-When a company issue a bond less than its par value is known as a bond…
Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…
A: Journal entries are used to record entries in chronological order for a business.
Q: Issuing Bonds at a Discount On January 1, the first day of the fiscal year, a company issues a…
A: Journal entry is a process of recording business transactions in the books of accounts for the first…
Q: On January 1, the first day of the fiscal year, a company issues a $1,500,000, 11% , five-year bond…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On the first day of the fiscal year, a company issues a (n) $935,000, 7%, 5-year bond that pays…
A: The objective of the question is to journalize the entry for the first interest payment and the…
Q: On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays…
A: Bonds: Bonds are financial debt instruments issued by the corporations to raise for the purposes of…
Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $750,000, 6%, 10-year…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On the first day of the fiscal year, a company issues an $800,000, 6%, 5-year bond that pays…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays…
A: Discount on Bonds Payable = Face value of the bonds - Issue value of the bonds = $1,450,000 -…
Q: On the first day of the fiscal year, a company issues a $4,000,000, 9%, 10-year bond that pays…
A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…
Q: On July 1, a company issues a $1,000,000, 7%, five-year bond that pays semiannual interest of…
A: The discount on issue of bond is amortized over the life of the bond When the same amount of bond…
Q: On January 1, the first day of the fiscal year, a company issues a $1,800,000, 4% , five-year bond…
A: When the issue price of the bonds is more than the face value of the bonds the bonds are issued at…
Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 9%,…
A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…
Q: On the first day of the fiscal year, a company issues a $7,500,000, 6%, 8-year bond that pays…
A: Bonds are issued at a discount when market interest rate is higher than stated rate. Bonds are…
Q: On the first day of the fiscal year, a company issues a $4,500,000, 10%, 9-year bond that pays…
A: Here in this question, we are required make entry for bond issued at discount. Bond is knowing to be…
Q: Issuing bonds at a discountOn the first day of the fiscal year, a company issues a $3,500,000, 6%…
A: Premium (discount) on bonds issue = Issue value - face value of bonds = $3,350,000 - $3,500,000 =…
Q: On the first day of the fiscal year, a company issues a $8,800,000, 11%, 7-year bond that pays…
A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…
Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $250,000, 10%, 10-year…
A: A bond is a liability on which a specific percentage of interest has to be paid over the maturity of…
Q: On the first day of the fiscal year, a company issues a $3,900,000, 8%, 7-year bond that pays…
A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…
Q: Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,400,000, 6%,…
A: The bonds are the Financial instruments that are issued to raise the money from the market or…
Q: ssuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,700,000, 9%,…
A:
Q: Journalize the bond issuance. If an amount box does not require an entry,
A: Pass necessary journal.
Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…
A: As per accrual principle of accounting, all the expenses need to be accounted for within the…
Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 11%,…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an…
A: Bonds are the loan issued by Companies.
Q: Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,700,000, 7%,…
A: Bonds are issued at premium when the issue price of the bond is more than the face value of the…
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- Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $1,600,000, 6%, 6-year bond that pays semiannual interest of $48,000 ($1,600,000 × 6% × ½), receiving cash of $1,682,063. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 日On the first day of the fiscal year, a company issues a $5,000,000, 10%, 4-year bond that pays semiannual interest of $250,000 ($5,000,000 × 10% × ½), receiving cash of $5,336,638. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 x 8% x ½ year), receiving cash of $3,000,000. (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. fill in the blank 9d9394057ff7054_2 fill in the blank 9d9394057ff7054_3 fill in the blank 9d9394057ff7054_5 fill in the blank 9d9394057ff7054_6 (b) Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank. fill in the blank 56f0d5fb403dff9_2 fill in the blank 56f0d5fb403dff9_3 fill in the blank 56f0d5fb403dff9_5 fill in the blank 56f0d5fb403dff9_6 (c) Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank. fill…
- ll. Subject :- Accounting5Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $250,000, 8%, 10-year bond that pays semiannual interest of $10,000 ($250,000 x 8% x ½ year), receiving cash of $250,000. (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. (b) Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank. (c) Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank. 8
- .Issuing Bonds at a Premium On January 1, the first day of the fiscal year, a company issues an $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000 ($2,000,000 x 5% x ½), receiving cash of $2,102,260. Required: Journalize the bond issuance. Refer to the chart of accounts for the exact wording of the account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3On January 1, Year 1, Price Company issued $291,000 of five-year, 5 percent bonds at 98. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bonds. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
- On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. 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 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 x 8% x 2 year), receiving cash of $3,000,000. (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. Cash Bonds Payable (b) Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank. 88 Interest Expense Cash (c) Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank. Bonds Payable CashIssuing Bonds at a Premium On the first day of the fiscal year, a company issues a $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 x 8% x ½), receiving cash of $5,520,390. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Previous Next Wodk Angieriment for Grading