Acct 102 - Ch.10 HW On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds payinterest on March 31 and September 30. The entire issue was dated March 31, 2021, but the bonds were not issued until April 30, 2021.They were issued at face valuę.a. Prepare the journal entry at April 30, 2021, to record the sale of the bonds.b. Prepare the journal entry at September 30, 2021, to record the semiannual bond interest payment.c. Prepare the adjusting entry at December 31, 2021, to record bond interest expense accrued since September 30, 2021. (Assumethat no monthly adjusting entries to accrue interest expense had been made prior to December 31, 2021.)(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet131Record the sale of bonds.Note: Enter debits before credits.DateGeneral JournalDebitСreditApr 30, 2021Record entryClear entryView general journal Xonic Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2021, at 102. Interest is paid on March 31 and September30 of each year, and all of the bonds in the issue mature on March 31, 2041. Xonic's fiscal year ends on December 31. Prepare thefollowing journal entries.a. April 1, 2021, to record the issuance of the bonds.b. September 30, 2021, to pay interest and to amortize the bond premium.c. March 31, 2041, to pay interest, amortize the bond premium, and retire the bonds at maturity (make two separate entries). Assumean adjusting entry was made on December 31, 2040, to recognize interest from October 1 to December 31.d. What is the effect of amortizing the bond premium on (1) annual net income and (2) annual net cash flow from operating activities.(Ignore possible income tax effects.)(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers indollars not in millions.)Complete this question by entering your answers in the tabs below.Req A to CReq Da. April 1, 2021, to record the issuance of the bonds.b. September 30, 2021, to pay interest and to amortize the bond premium.c. March 31, 2041, to pay interest, amortize the bond premium, and retire the bonds at maturity (make two separate entries). Assumean adjusting entry was made on December 31, 2040, to recognize interest from October 1 to December 31.Show less AView transaction listJournal entry worksheet3Record the issuance of bonds.Next >

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On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2021, but the bonds were not issued until April 30, 2021. They were issued at face value. a. Prepare the journal entry at April 30, 2021, to record the sale of the bonds. b. Prepare the journal entry at September 30, 2021, to record the semiannual bond interest payment. c. Prepare the adjusting entry at December 31, 2021, to record bond interest expense accrued since September 30, 2021. (Assume that no monthly adjusting entries to accrue interest expense had been made prior to December 31, 2021.)

On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2021, but the bonds were not issued until April 30, 2021. They were issued at face value. a. Prepare the journal entry at April 30, 2021, to record the sale of the bonds. b. Prepare the journal entry at September 30, 2021, to record the semiannual bond interest payment. c. Prepare the adjusting entry at December 31, 2021, to record bond interest expense accrued since September 30, 2021. (Assume that no monthly adjusting entries to accrue interest expense had been made prior to December 31, 2021.)

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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