On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796. This price resulted in an effective-interest rate of 9% on the bonds. Sheridan uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. (d) Partially correct answer iconYour answer is partially correct. Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 enter an account title for the journal entry on January 1, 2023 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2023 enter a debit amount enter a credit amount I got the numbers right 164800 debit intrest payable 164800 credit. what account do i credit. Discounts on bonds?
On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796. This price resulted in an effective-interest rate of 9% on the bonds. Sheridan uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. (d) Partially correct answer iconYour answer is partially correct. Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 enter an account title for the journal entry on January 1, 2023 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2023 enter a debit amount enter a credit amount I got the numbers right 164800 debit intrest payable 164800 credit. what account do i credit. Discounts on bonds?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796. This price resulted in an effective-interest rate of 9% on the bonds. Sheridan uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.
(d)
Partially correct answer iconYour answer is partially correct.
Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
Jan. 1, 2023
|
enter an account title for the journal entry on January 1, 2023
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title for the journal entry on January 1, 2023
|
enter a debit amount
|
enter a credit amount
|
I got the numbers right 164800 debit intrest payable 164800 credit. what account do i credit. Discounts on bonds?
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