Bonds Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond. To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

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Answer 1

Question

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

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Answer 2

Question

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

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Answer 3

Question

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

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Answer 4

Question

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

Expert Solution & Answer

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Answer 5

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

Answer 6

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

Answer 7

Chapter 10, Problem 10.8E

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

To prepare: The journal entry to record the sale of these bonds of Incorporation G as on August 1, 2017.

Answer 8

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

Answer 9

(b)

To determine

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

Answer 10

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

Answer 11

(c)

To determine

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 10 - Prob. 1Q Ch. 10 - Prob. 2Q Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - (a) Identify three taxes commonly paid by...Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Contrast these types of bonds: (a) Secured and...Ch. 10 - Prob. 10Q

Solution Summary: The author explains that bonds are a kind of interest bearing notes payable, usually issued by companies, universities, and governmental organizations.

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

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Chapter 10 Solutions

Solution Summary: The author explains that bonds are a kind of interest bearing notes payable, usually issued by companies, universities, and governmental organizations.

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31st December 2017.

To prepare: The journal entry to record the payment of interest for Incorporation G as on August 1 2018.

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Chapter 10 Solutions

To prepare: The adjustment entry to record accured interest of Incorporation G as on 31^st December 2017.