On January 1, 2020, Marigold Corp. issued $5100000, 10-year, 4% bonds at 102. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2020 is     Cash 5202000      Bonds Payable   5202000   Cash 5202000       Bonds Payable   5100000     Premium on Bonds Payable   102000   Cash 5100000      Bonds Payable   5100000   Premium on Bonds Payable 102000   Cash 5100000       Bonds Payable   5202000

Q: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: Cheyenne Corp. issues 840, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry…

A: Cash proceeds from bonds issuance = Face value of bonds x issie price/100 = (840*$1000) x 97/100 =…

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

A: Total cash received from Bond issue = 4100*$1000 = $4,100,000

Q: Price Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: The Golden Company issues $518,000 of 12%, 10-year bonds at 103 on March 31, 2025. The bonds pay…

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

Q: Rombus corp issued P600,000, 9%, 20-year bonds on January 1, 2020, at P103. Interest is payable…

A: Each transactions needs to be recorded in the books of accounts. Journal entries are basic…

Q: issued $630,000, 9%, 5-year bonds at face value.

A: Journal entries refers to the act of making transactions in the form of either economic or…

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: On October 1, 2020 Sheffield Corp. issued 6%, 10-year bonds with a face value of $8010000 at 104.…

A: Formula: Premium on bonds payable = Cash received - Face value of bond

Q: Riverbed Corp issues 940, 10-year, 8%, $1000 bonds dated January 1, 2020, at 96. The journal entry…

A: Bonds are recognized as a financial instrument used to raise finance for the organization. It is…

Q: 2. Swisher Company issued $2,000,000 of bonds on January 1, 2020. Instructions a. Prepare the…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: Cucumber Electric sold $3,300,00, 8%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Under straight line method, the premium or discount is amortized with equal amounts. The bonds are…

Q: Dixon Corp issued 5,000, 9%, 5-year, P1,000 bonds dated January 1, 2020, at P100 1. Prepare the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Randle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Pharoah Company issues $280,000, 20-year, 7% bonds at 102. Prepare the journal entry to record the…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The…

A: The bonds are issued to raise the money from the market or investors. The bonds are issued at the…

Q: On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is…

A: When the bonds are issued then cash will receive so cash account would be debited and bond payable…

Q: On January 1, 2020, Cullumber Company issued $400,000, 10%, 10-year bonds at face value. Interest is…

A: Bonds- These are the debts of a company on which interest is payable after a fixed interval i.e.…

Q: nd July 1. Prepare the entry to record the payment of interest on July 1, 2021

A: 1. Amount of interest to be paid is calculated on the face value.    2. Journal entry for recording…

Q: On January 1, 2020, Sheffield Corp. issued $4500000, 10-year, 4% bonds at 102. Interest is payable…

A: The journal entries are prepared to record the transactions on a regular basis. The bonds are issued…

Q: On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is…

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

Q: Waterway Industries issues 2300, 10-year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal…

A: Bonds are securities issued by the entity for the purpose of raising funds. It is an obligation for…

Q: On August 1, 2022, Bridgeport Corp. issued $483,600, 7%, 10-year bonds at face value. Interest is…

A: given that, Bridgeport Corp. issued bonds worth $483600 Rate of interest = 7% life of bond = 10…

Q: Oriole Inc. issues $380,000, 10-year, 8% bonds at 97. Prepare the journal entry to record the sale…

A: Cash received from sale of bond = $380,000 x 97% = 368,600

Q: On January 1, 2020, Sheridan Company issued $351,500, 6%, 5-year bonds at face value. Interest is…

A: Interest expense = Par value of bonds x Interest rate = $351,500 x 6% = $21,090

Q: On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest…

A: SOLUTION-                                                                      JOURNAL ENTRIES…

Q: Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Novak corp. Issued $417,000,11% 15 year bonds on december  31,2021 for $404,490.interest  is payable…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January 1, 2022, at face value.…

A:

Q: On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at…

A:

Q: On January 1, 2021, Sheffield Corporation issued $6400000, 10-year, 9% bonds at 103. Interest is…

A: Here issue proceeds =( $ 6400000/100 )×103 =$6592000

Q: Dixon Corp issued 5,000, 9%, 5-year, P1,000 bonds dated January 1, 2020, at P100 1. Prepare the…

A: Formula: Interest amount = Bond issued value x Interest rate

Q: Flounder Corp. issues 850, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry…

A: A bond is a debt security, where an investor lends money to a company.