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On April 1, 2025, Dave's Deli issued $63,000 of its 8 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 92.0. Dave's has decided to retire the bonds on August 1, 2028, three years and four months after the bonds were initially issued. The bonds were repurchased at 97. After recording the accrued interest expense payable through August 1, 2028, the balance in the Discount on Bonds Payable account is $3,360. Required: Prepare the general journal entry to record the repurchase and retirement of the bonds. View transaction list Journal entry worksheet 1 Record the entry to repurchase and retire bonds at 97. Note: Enter debits before credits. Date August 01, 2028 General Journal Debit Credit Record entry Clear entry View general journal

On April 1, 2025, Dave's Deli issued $63,000 of its 8 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 92.0. Dave's has decided to retire the bonds on August 1, 2028, three years and four months after the bonds were initially issued. The bonds were repurchased at 97. After recording the accrued interest expense payable through August 1, 2028, the balance in the Discount on Bonds Payable account is $3,360. Required: Prepare the general journal entry to record the repurchase and retirement of the bonds. View transaction list Journal entry worksheet 1 Record the entry to repurchase and retire bonds at 97. Note: Enter debits before credits. Date August 01, 2028 General Journal Debit Credit Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
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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On April 1, 2025, Dave's Deli issued $63,000 of its 8 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 92.0. Dave's has decided to retire the bonds on August 1, 2028, three years and four months after the bonds were initially issued. The bonds were repurchased at 97. After recording the accrued interest expense payable through August 1, 2028, the balance in the Discount on Bonds Payable account is $3,360. Required: Prepare the general journal entry to record the repurchase and retirement of the bonds. View transaction list Journal entry worksheet 1 Record the entry to repurchase and retire bonds at 97. Note: Enter debits before credits. Date August 01, 2028 General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text:On April 1, 2025, Dave's Deli issued $63,000 of its 8 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 92.0. Dave's has decided to retire the bonds on August 1, 2028, three years and four months after the bonds were initially issued. The bonds were repurchased at 97. After recording the accrued interest expense payable through August 1, 2028, the balance in the Discount on Bonds Payable account is $3,360. Required: Prepare the general journal entry to record the repurchase and retirement of the bonds. View transaction list Journal entry worksheet 1 Record the entry to repurchase and retire bonds at 97. Note: Enter debits before credits. Date August 01, 2028 General Journal Debit Credit Record entry Clear entry View general journal
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