Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Help Gradit
Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Help Gradit
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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![Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is
payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January
1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
2
View transaction list
Journal entry worksheet
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W
S
1
Note: Enter debits before credits.
Record the interest payment on December 31, 2021.
Date
December 31, 2021
2
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Transcribed Image Text:Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is
payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January
1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
2
View transaction list
Journal entry worksheet
<
W
S
1
Note: Enter debits before credits.
Record the interest payment on December 31, 2021.
Date
December 31, 2021
2
X
Record entry
#
3
E
D
$
4
C
General Journal
Clear entry
R
F
%
5
V
< Prev
T
< 6
Debit
G
Credit
View general journal
MacBook Pro
7 of 7
Y
B
&
7
H
Next >
U
00
8
N
J
(
(
9
10
K
M
Help
O
V
Sa
![Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is
payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January
1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
S
1
Record the issuance of bonds with a face value of $670,000 for $615,000.
Note: Enter debits before credits.
W
Date
January 01, 2021
X
2
Record entry
#
W =
3
Q
E
D
4
C
General Journal
Clear entry
R
FL
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5
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Debit
View general journal
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1
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Transcribed Image Text:Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is
payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January
1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
S
1
Record the issuance of bonds with a face value of $670,000 for $615,000.
Note: Enter debits before credits.
W
Date
January 01, 2021
X
2
Record entry
#
W =
3
Q
E
D
4
C
General Journal
Clear entry
R
FL
er de
%
5
V
< Prev
T
< 6
^
G
Debit
View general journal
MacBook Pro
Credit
7 of 7
Y
B
&
7
H
Next >
U
#00
8
N
J
पिक
1
(
-0
(
9
K
M
5,5
Help
O
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V
26
Save & Exit
P
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