Journal entries for Debt Service Fund transactionsAt the start of 2019, Croton's Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggestyou post opening balances and the journal entries to general ledger T-accounts.)Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Debt Service Fund: DSF).Ref. FundDescriptionDebit1GF ◆231. The General Fund transferred $1,200 cash to the Debt Service Fund.2. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment.3. The principal and interest due for payment were paid.4. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest payments on those bonds were $600 and $470, respectively.4DSF →DSF →DSF →DSF →DSF →◆Due to General Fund◆To record transfer out to Debt Service Fund.Due from Debt Service Fund◆Transfer in from General Fund◆To record receipt of transfer funds.Expenditures - interestExpenditures - bond principal paymentMatured interest payableCashCashMatured interest payableMature bond principal payableCashExpenditures - interestExpenditures - bond principal paymentMatured interest payableCash◆Matured interest payableMature bond principal payableCash◆◆◆To record maturing of debt service.To record payment of debt service.12001200Credit12001200

Debt service fund accounts for financial sources and uses including revenues and related…

Answered: payment were paid. on bonds sold by…

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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Period Cash Paid Interest Expense Interest in Carrying Value Carrying Value Issue Date $85,940 1 $4,100 $ 3,438 $662 85,278 2 4,100 3,411 689 84,589 1. & 2. Record the bond issue assuming the face value of bonds payable is $79,000 and first interest payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the bond issue. Event General Journal Debit Credit 1 Record the first interest payment. Event General Journal Debit Credit 2
How do I jernalize it
D4. As of december 31, 2019, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
On January 1, Parson Freight Company issues 8.5%, 10-year bonds with a par value of $2,300,000. The bonds pay interest semiannually. The marke rate of interest is 9.5% and the bond selling price was $2,143,712. The bond issuance should be recorded as: Multiple Choice 22 Debit Cash $2,300,000; credit Bonds Payable $2,300,000. Debit Cash $2143,712; credit Bonds Payable $2,143,712. Debit Cash $2,300,000; credit Bonds Payable $2,143,712: credit Discount on Bonds Payable $156,288. Nohit Cach 2143712 dehit Diecount on Ronds Pavahle $156.288 crerdit Ronds Pavahle 2 300 000 Mc Graw Hill 9:12 P 96% Type here to search 3/21/20
2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress3false eBook Show Me How Calculator Print Item Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $18,200,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 11%, resulting in Chin receiving cash of $16,828,145. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Round your…
Consider the following balance sheet for Northern Highland Credit Union (NHCU) before answering parts (i) through (v). Assets ($ million) $ Liabilities ($ million) $ Cash 30 Overnight interbank borrowing (7.00%) 160 T-notes 2 month (7.05%) 60 2-year CD (5%) 20 T-notes 3 months (7.25%) 80 7 year fixed rate Subordinated debt (8.55%) 150 T-notes two-year (7.50%) 60 Equity 25 T-notes 10-year (8.96%) 100 Corporate bonds (>5 years to maturity) 25 Total assets 355 Total liabilities and Equity 355 What is the repricing (funding) gap over the 0-to-6 months maturity bucket?
Bond (Held-to-Maturity)Investment Journalize the entries to record the following selected bond investment transactions for Marr Products: If an amount box does not require an entry, leave it blank. D.) Received face value of remaining bonds at their maturity. Cash- Investments- Hotline Inc. Bonds- I just need help with part D, Thanks!
Present entries to record the selected transactions described below: a. Issued $2,750,000 of 10-year, 8% bonds at 97. If an amount box does not require an entry, leave it blank. b. Amortized bond discount for a full year, using the straight-line method. If an amount box does not require an entry, leave it blank. c. Called bonds at 98. Assume the bonds were carried at $2,692,250 at the time of the redemption. If an amount box does not require an entry, leave it blank.
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Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 300,000 2 Retire bonds 60,000 240,000 June 30 Issue bonds 180,000 420,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 13,500 2 Retire bonds 4,800 8,700 June 30 Issue bonds 12,100 20,800 Dec. 31 Amortize discount 1,040 19,760 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds $fill in the blank 3 Issue bonds $fill in the blank 6…

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