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Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 issuance of bonds with a face value of $800,000 for $735,000. Note: Enter debits before credits. Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal

Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 issuance of bonds with a face value of $800,000 for $735,000. Note: Enter debits before credits. Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
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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Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 issuance of bonds with a face value of $800,000 for $735,000. Note: Enter debits before credits. Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 issuance of bonds with a face value of $800,000 for $735,000. Note: Enter debits before credits. Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal
Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 fleld.) View transaction list Journal entry worksheet < 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued for $735,000. 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 fleld.) View transaction list Journal entry worksheet < 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal
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