On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $1,000 for $113,900. The bonds had a stated rate of 5% and paid interest semi-annually. What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank. Jan. 1   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9

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 Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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

A: Given:

Q: Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13…

A: The objective of the question is to record the journal entry for the issuance of bonds by Sheridan…

Q: On January 1, 200C, the Gabriella Corporation issued $800,000, 8%, 10-year bonds at 98. Interest is…

A: working note: 1.The straight-line amortization of an Discount on bond payable will be $1600 ($16000…

Q: Medhurst Corporation issued $92,700 in bonds for $90,000. The bonds had a stated rate of 10% and pay…

A: Premium (Discount) on bonds issue = Selling price of the bonds - Face value of bonds = $90,000 -…

Q: ABC Company issued $100,000 in bonds for $98,000. The bonds had a stated rate of 12% and pay…

A: The objective of the question is to determine the correct journal entry to record the first interest…

Q: Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, Year 1, Hanover Corporation issued bonds with a $56,500 face value, a stated rate of…

A: Bonds Payable: Bonds Payable is an long term debt issued by the government and company's to raised…

Q: On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays…

A: The bonds are the financial instruments used to raise the money from the investors.

Q: On July 1, 2010, Boston Corporation issued bonds with a face value of $500,000. The bonds carry a…

A: Bonds payable is one of the liability being incurred in business. Interest payments needs to be made…

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: 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: On January 1, Year 1, Victor Company issued bonds with a $875,000 face value, a stated rate of…

A: Lets understand the basics. When bond is issued at less than the face value of bond then bond is…

Q: Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles…

A: A journal is the book of original entry in which all the financial transactions of the business are…

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: Darien Inc. redeemed $20,000 of its bonds at 102 on January 1. At this date, the unamortized…

A: Cash on bonds is   20000 × 1.02 = 20400 the unamortized discount was $2,760. Loss on redemption is $…

Q: Medhurst Corporation issued $86,000 in bonds for $83,400. The bonds had a stated rate of 8% and pay…

A: Interest expense is a non-operating expense shown on the income statement. It represents interest…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $910 for $94,800. The bonds…

A: Bonds payable (at par) = 100 bonds * $910= $ 91000 Bond issued value= $ 94800 Premium on bond issue=…

Q: On the first day of the fiscal year, a company issues an $302,000, 8%, 5-year bond that pays…

A: Under the straight line method of amortization, premium or discount of bond need to amortize equally…

Q: the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual…

A: Bond payable is financial instrument which is used to raise funds for financial obligations. These…

Q: Medhurst Corporation issued $91,900 in bonds for $89,000. The bonds had a stated rate of 6% and pay…

A: Bonds are a form of debt or loan issued by the company, on which business has to make regular…

Q: On the first day of the fiscal year, a company issues a $920,000, 7%, five-year bond that pays…

A: When the bonds will issue we receive cash , and we have to pay interest through out its duration…

Q: Prepare the entry to record the issuance of the bond and the first payment.

A: Amount of Interest = (Number of bonds issued × Par value × Interest rate)/2 = (1000 × $100 × 5%)/2 =…

Q: Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay…

A: The bonds are issued on discount when market rate is greater than the stated rate of interest.

Q: On Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500. The…

A: In the given case, Nadal Inc issued 100 bonds with a face value of $1000 each at a premium of $35.…

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: On January 1, the first day of the fiscal year, Designer Fabric Co. issues a $400,000, 5%, 10-year…

A: Bond is financial instruments used to raise funds to meet financial obligations of business.Bond can…

Q: On the first day of the fiscal year, a company issues a $990,000, 7%, 5-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 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: Sunland Electric sold $6,960,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Medhurst Corporation issued $82,900 in bonds for $80,000. The bonds had a stated rate of 6% and pay…

A: Bonds are issued by the company to meet the financial requirements of the company without losing its…

Q: Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13…

A: The objective of this question is to record the journal entry for the issuance of bonds by Sheridan…

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: #4.  On Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500.…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: On January 1, the first day of the fiscal year, a company issues a $550,000, 8%, 10-year bond that…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

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 $850,000, 8%, 10-year…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

Q: On the first day of the fiscal year, a company issues a $1,000,000, 10%, 5-year bond that pays…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

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 $500,000, 8%, 10-year bond that pays…

A: Premium on issue of bonds payable is the excess amount received by the company over the face value…