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

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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