On January 1, 2024, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $1,003,000. The indenture specified a call price of $1,000,000. Tiny Tim called the bonds (retired them) on January 1, 2024. Instructions: Prepare the necessary journal entry on January 1, 2024. General Journal Date Account Title & Explanation Ref. Dr. MAA Cr.

On January 1, 2024, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $1,003,000. The indenture specified a call price of $1,000,000. Tiny Tim called the bonds (retired them) on January 1, 2024. Instructions: Prepare the necessary journal entry on January 1, 2024. General Journal Date Account Title & Explanation Ref. Dr. MAA Cr.

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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Part 1 Prepare journal entries to the following. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on June 1, 2023 b. Payment of interest on December 1, 2023 c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2024 d. Payment of interest on June 1, 2024 Assume JetCom Inventors Inc. has a January 31 year-end. View transaction list Journal entry worksheet 1 2 3 4 Record issued bond at discount. Note: Enter debits before credits. Date June 01, 2023 General Journal Debit Credit >
Splish Brothers Inc. issues $520,000, 20-year, 10% bonds at 102. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (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 O for the amounts.) Date Account Titles and Explanation June 1 eTextbook and Media SUPPORT
The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 315,000 $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022.
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A Company issued $480,000 of 7% bonds on January 1. Interest is payable semiannually on July 1 and January 1. The bonds are issued at face value.. The journal entry on June 30 should include : Show your work A debit to Interest Payable for $480,000 x .07. A credit to Interest Payable for $480,000 x .07. A debit to Interest Payable for $480,000 x .07 х 6/12. A credit to Interest Payable for $480,000 x .07 х 6/12.
Subject :- Accountion
im.2
Prepare journal entries to record the following transactions involving short-term debt investments.
An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years. The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?
Carla Vista Co. issued $475,000, 15-year, 5% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2025. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Jan. 1 Cash Bonds Payable Premium on Bonds Payable Textbook and Media Debit Credit 475000