The board of directors of Media Plus authorizes the issue of $8,000,000 of 7%, twenty-year bonds payable. The semi-annual interest dates are May 31 and November 30. The bonds are issued on May 31, 20X0, at par Requirements Journalize the following transactions: a. Issuance of half of the bonds on May 31, 20xO. 1. b. Payment of interest on November 30, 20X0. c. Accrual of interest on December 31, 20X0. d. Payment of interest on May 31, 20X1. 2. Report interest payable and bonds payable as they would appear on the Media Plus balance sheet at December 31, 20X0. Requirement 1. Journalize the transactions a through d. (Record debits first, then credits. Explanations are not required. Round all amounts to the nearest whole dollar.) a. Issuance of half of the bonds on May 31, 20Xo. Journal Entry Date Accounts Debit Credit May 31
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
![The board of directors of Media Plus authorizes the issue of $8,000,000 of 7%, twenty-year bonds payable. The semi-annual interest dates are May 31 and November 30. The bonds are issued on May 31, 20X0, at par.
Requirements
1.
Journalize the following transactions:
a. Issuance of half of the bonds on May 31, 20XO.
b. Payment of interest on November 30, 20XO.
c. Accrual of interest on December 31, 20X0.
d. Payment of interest on May 31 , 20X1.
Report interest payable and bonds payable as they would appear on the Media Plus balance sheet at December 31, 20xo.
2.
Requirement 1. Journalize the transactions a through d. (Record debits first, then credits. Explanations are not required. Round all amounts to the nearest whole dollar.)
a. Issuance of half of the bonds on May 31, 20X0.
Journal Entry
Date
Accounts
Debit
Credit
May
31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50a7715d-fb45-4b4b-a66f-85ccf71bf601%2Fd943e330-dd57-4471-9479-f3451241a9fb%2Fy5ozg1_processed.jpeg&w=3840&q=75)
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