Required information [The following information applies to the questions displayed below.] Doyle Company issued $490,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $50,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) Event Year 1 1/1 1/1 12/31 12/31 Rol DOYLE COMPANY Effect of Events on the Accounting Equation Year 1 and Year 2 =Liabilities + Bonds Payable Assets Cash + Land + +1 + + Stockholders' Equity Retained Earnings na n Account Titles for Retained Earnings
Required information [The following information applies to the questions displayed below.] Doyle Company issued $490,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $50,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) Event Year 1 1/1 1/1 12/31 12/31 Rol DOYLE COMPANY Effect of Events on the Accounting Equation Year 1 and Year 2 =Liabilities + Bonds Payable Assets Cash + Land + +1 + + Stockholders' Equity Retained Earnings na n Account Titles for Retained Earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ee 207.
![Required information
[The following information applies to the questions displayed below.]
Doyle Company issued $490,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value.
Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in
land. The land was leased for an annual $50,500 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 1.
Required
a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account
balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells
will require entry.)
Event
Year 1
1/1
1/1
12/31
12/31
Rol
DOYLE COMPANY
Effect of Events on the Accounting Equation
Year 1 and Year 2
=Liabilities +
Bonds
Payable
Assets
Cash + Land
+
+1
+
+
Stockholders'
Equity
Retained
Earnings
na
n
Account Titles for
Retained Earnings](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c1a3d06-326d-4628-acf5-14b8d9d062a4%2Fb5808b51-6ea0-43c8-b002-7c49b033ffae%2F0lu5cpp_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Doyle Company issued $490,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value.
Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in
land. The land was leased for an annual $50,500 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 1.
Required
a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account
balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells
will require entry.)
Event
Year 1
1/1
1/1
12/31
12/31
Rol
DOYLE COMPANY
Effect of Events on the Accounting Equation
Year 1 and Year 2
=Liabilities +
Bonds
Payable
Assets
Cash + Land
+
+1
+
+
Stockholders'
Equity
Retained
Earnings
na
n
Account Titles for
Retained Earnings
![Event
Year 1
1/1
1/1
12/31
12/31
Bal.
Year 2
Beg. bal.
12/31
12/31
End. bal.
Assets
Cash +
+
++++
0+
+
+
DOYLE COMPANY
Effect of Events on the Accounting Equation
Year 1 and Year 2
=Liabilities +
Bonds
Payable
+
0+
Land
0]=
H
|||||||
0
+
+
+
+
+
+
Stockholders'
Equity
Retained
Earnings
0
0
Account Titles for
Retained Earnings](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c1a3d06-326d-4628-acf5-14b8d9d062a4%2Fb5808b51-6ea0-43c8-b002-7c49b033ffae%2F0zfvot_processed.png&w=3840&q=75)
Transcribed Image Text:Event
Year 1
1/1
1/1
12/31
12/31
Bal.
Year 2
Beg. bal.
12/31
12/31
End. bal.
Assets
Cash +
+
++++
0+
+
+
DOYLE COMPANY
Effect of Events on the Accounting Equation
Year 1 and Year 2
=Liabilities +
Bonds
Payable
+
0+
Land
0]=
H
|||||||
0
+
+
+
+
+
+
Stockholders'
Equity
Retained
Earnings
0
0
Account Titles for
Retained Earnings
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