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The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation (a) Jan. 1, 2025 Cash Discount on Bonds Payable Bonds Payable (b) July 1, 2025 Interest Expense Discount on Bonds Payable Cash (c) Dec. 31, 2025 Interest Expense Toutbeekend Madia Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable. Cash Interest Expense Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 Credit 390000 1350 20100 1350 20100

The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation (a) Jan. 1, 2025 Cash Discount on Bonds Payable Bonds Payable (b) July 1, 2025 Interest Expense Discount on Bonds Payable Cash (c) Dec. 31, 2025 Interest Expense Toutbeekend Madia Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable. Cash Interest Expense Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 Credit 390000 1350 20100 1350 20100

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 16E
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The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation (a) Jan. 1, 2025 Cash Discount on Bonds Payable Bonds Payable (b) July 1, 2025 Interest Expense Discount on Bonds Payable Cash (c) Dec. 31, 2025 Interest Expense Toutbeekend Madia Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450
Transcribed Image Text:The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation (a) Jan. 1, 2025 Cash Discount on Bonds Payable Bonds Payable (b) July 1, 2025 Interest Expense Discount on Bonds Payable Cash (c) Dec. 31, 2025 Interest Expense Toutbeekend Madia Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450
The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable. Cash Interest Expense Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 Credit 390000 1350 20100 1350 20100
Transcribed Image Text:The Pharoah Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Pharoah Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable. Cash Interest Expense Discount on Bonds Payable Interest Payable Debit 382200 7800 21450 21450 Credit 390000 1350 20100 1350 20100
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