Presented below are two independent situations.1. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1.2. On June 1, 2025, Riverbed Company issued $348,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.For each of these two independent situations, prepare journal entries to record the following. *(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)*a. The issuance of the bonds.b. The payment of interest on July 1.c. The accrual of interest on December 31.| Date | Account Titles and Explanation | Debit | Credit ||------|---------------------------------|-------|--------|| 1. | Cullumber Company: | | || | | | || | | | || | | | || | | | || | | | || | | | || | | | |*(Note: The table is shown without specific entries, intended for educational demonstration of how journal entries can be prepared.)* The image appears to be a tabular form, likely part of a data entry interface related to "Riverbed Company." It includes multiple rows with drop-down menus and text input fields for entering or selecting data.### Table Structure1. **Top Header:** - Numbered "2." - Title: "Riverbed Company:"2. **Rows:** - Each row includes a drop-down menu on the left followed by two text input fields. - There are five rows in total, suggesting space for entering data or selecting options for multiple items or categories.### FunctionalityThis format is typical for websites where specific data needs to be entered in an organized manner, such as inventory systems, report generators, or customer databases. Each row might represent a different entry or aspect related to the Riverbed Company.No graphs or diagrams are present in the image.

A journal entry is a basic accounting record that is used to chronologically track financial…

Presented below are two independent situations. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 1. 2 On June 1, 2025, Riverbed Company issued $348,000 of 12 %, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

Presented below are two independent situations. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 1. 2 On June 1, 2025, Riverbed Company issued $348,000 of 12 %, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

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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