ntries for Issuing and Calling Bonds; Gain Emil Corp. p
Entries for Issuing and Calling Bonds; Gain
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $845,000 of 10-year, 14% 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.
| 20Y1 | |
| May 1 | Issued the bonds for cash at their face amount. |
| Nov. 1 | Paid the interest on the bonds. |
| 20Y5 | |
| Nov. 1 | Called the bond issue at 95, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
Question Content Area
Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank.
| 20Y1, May 1 |
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Question Content Area
Paid the interest on the bonds. If an amount box does not require an entry, leave it blank.
| 20Y1, Nov. 1 |
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- Select - | - Select - |
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- Select - | - Select - |
Question Content Area
Called the bond issue at 95, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank.
| 20Y5, Nov. 1 |
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- Select - | - Select - |
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- Select - | - Select - | |
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- Select - | - Select - |
Journal entries are the initial stage in the double-entry accounting system and are essential for maintaining correct financial records. They form the basis for compiling financial statements and aid in the tracking of money and assets inside a business. Journal entries are often kept in a journal or accounting software and allow firms to keep a complete record of their financial actions, making it simpler to evaluate, report, and manage their finances.
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