Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 11, Problem 4R
To determine
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On January 1, 2024, Nurses Credit Union (NCU) issued 5%, 20-year bonds payable with face value of $300,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 104. Journalize the following bond transactions:
i (Click the icon to view the bond transactions.)
(Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.)
a. Journalize the issuance of the bonds on January 1, 2024.
Accounts and Explanation
Date
2024
Jan. 1
Debit
Credit
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a. Issuance of the bonds on January 1, 2024.
b. Payment of interest and amortization on June 30, 2024.
c. Payment of interest and amortization on December 31, 2024.
d. Retirement of the bond at maturity on December 31, 2043, assuming the last
interest payment has already been recorded.
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X
January 1, 2024, Nurses Credit Union (NCU) issued 7%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December
.The issue price of the bonds is 102. Journalize the following bond transactions:
(Click the icon to view the bond transactions.)
Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal
ntry. Round your answers to the nearest whole dollar.)
Paid semiannual interest and amortized premium.
d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded.
Accounts and Explanation
Credit
Date
2043
Dec. 31
Debit
|
On January 1, 2018, Technicians Credit Union (TCU) issued 5%, 20-year bonds payable with face value of $100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 106. Journalize the following bond transactions:
a (Click the icon to view the bond transactions.)
(Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.)
- X
a.
More Info
a. Issuance of the bonds on January 1, 2018.
b. Payment of interest and amortization on June 30, 2018.
c. Payment of interest and amortization on December 31, 2018.
d. Retirement of the bond at maturity on December 31, 2037, assuming the last
interest payment has already been recorded.
Print
Done
Chapter 11 Solutions
Excel Applications for Accounting Principles
Ch. 11 - The University Club recently issued 1,500,000 of...Ch. 11 - The bond pricing formula utilizes the NPV (Net...Ch. 11 - Prob. 3RCh. 11 - Prob. 4RCh. 11 - Use the worksheet to compute the bond issue price...Ch. 11 - Use the worksheet to compute the bond issue price...Ch. 11 - Prob. 7RCh. 11 - a. Reset the Data Section to its initial values....
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