QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Discount on Bonds Payable Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos).
QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Discount on Bonds Payable Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:THIS QUESTION WILL ALSO BE CHECKED MANUALLY.
QUESTION 7
On the first day of the fiscal year, a company issues a $960,000, 86, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177
Journalize the entry for the issuance of the bonds using the chart of accounts below.
Bonds Payable
Cash
Gain on Redemption of Bonds
Interest Expense
Interest Payable
Interest Revenue
Loss on Redemption of Bonds
Premiun on Bonds Payable
Discount on Bonds Payable
Enter your answers into the table below.
Key the account names carefully (exactly as shown above) and follow formatting instructions below.
DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY.
WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY LEAVE IT BLANK.
Account
Debit
Credit
THIS QUESTION WILL ALSo BE CHECKED MANUALLY (to make adjustments for typos).
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