On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Martinez’s year-end is December 31.   Prepare the journal entry to record the issuance of the bonds.      Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1

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A: Lets understand the basics.There are two method through which amortization of bonds are made.(1)…

Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: Given:

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Q: Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest…

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Q: Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale…

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Q: The Maria Miller Company issued $480,000 of 10%  20 yr bonds on January 1, 2025 at 103. Interest is…

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Q: Ivanhoe Company issued $680,000 of 5-year, 8% bonds at 96 on January 1, 2022. The bonds pay interest…

A: Bonds Payable -Bonds are the notes issued by the payer to the collector. It is a promissory note…

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

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A: Journalize the following bond transactions:

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A: Given that the bonds has been issued at premium and it has to be amortised on straight line basis.…

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A: In the given question we need to prepare the journal entries for following: (a)The issuance of the…

Q: Price Company issued a $700,000, 8%, 10-year bond payable at face value on January 1, 2018 Interest…

A: A bond refers to fixed income instrument that represents a loan made by an investor to a borrower…

Q: On January 1, 2019 Sandhill Corporation issued $550,000, 7%, 5-year bonds at face value. Interest is…

A: Introduction: Journal entries serve as the primary building blocks for answering these and other…

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: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

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Q: The following section is taken from Oriole Company's balance sheet at december 31, 2021. Current…

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Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: 20- Year 6% Bond =. $380,000  Interest Rate =6%  Interest Payable on January 1.

Q: Martinez Ltd. issued a $1,060,000, 10-year bond at par on January 1, 2023. The bond paid 10%…

A: Journal entry is required to make to record event and transaction that are occured during particular…

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Q: som Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale…

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Q: QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that…

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Q: 9. Powell Corporation issued a $525,000, 6%, 10-year bond payable on January 1, 2025. Journalize the…

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Q: On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years.…

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Q: Monty Corp. uet 1900 S, vea. L000 bonds dated anuary 1. 2022. at face value. terest in pait each…

A: Journal entries are foundation for accounting transactions of the entity where it involves an debit…

Q: Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is…

A: Journal entry is a primary entry that records the financial transactions initially.

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Q: prepare the journal entry to record the sale of these bonds on January 1, 2022. Crane Company issues…

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Q: 1.  On July 1, 2018, Volunteer Inc. issued bonds with a $500,000 face value at 108.0 and the 5-year…

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Q: On January 1, 2020, Cullumber Corporation issued $840,000, 7%, 10-year bonds at face value. Interest…

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Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The…

A: Journal entries are passed following the golden rules of accounting  Debit all assets and expenses…

Q: Pogden Company issued a $700,000​, 12%​, ten​-year bond payable at face value on January​ 1, 2024.…

A: Interest payment on July​ 1, 2024 = Face value of bonds x rate of interest x 6/12 = $700,000 x 12% x…