Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance. Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer. Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: The journal entry of the bond issuance.

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

(b)

To determine

To prepare: the adjusting entry of accrual interest.

(c)

To determine

To prepare: the balance on December 31, 2017

(d)

To determine

To prepare: the journal entry of the interest payment

(e)

To determine

To prepare: the entry of accrual interest.

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

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Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

(b)

To determine

To prepare: the adjusting entry of accrual interest.

(c)

To determine

To prepare: the balance on December 31, 2017

(d)

To determine

To prepare: the journal entry of the interest payment

(e)

To determine

To prepare: the entry of accrual interest.

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

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Answer 3

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

(b)

To determine

To prepare: the adjusting entry of accrual interest.

(c)

To determine

To prepare: the balance on December 31, 2017

(d)

To determine

To prepare: the journal entry of the interest payment

(e)

To determine

To prepare: the entry of accrual interest.

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

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Answer 4

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

(b)

To determine

To prepare: the adjusting entry of accrual interest.

(c)

To determine

To prepare: the balance on December 31, 2017

(d)

To determine

To prepare: the journal entry of the interest payment

(e)

To determine

To prepare: the entry of accrual interest.

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

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Answer 5

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

(b)

To determine

To prepare: the adjusting entry of accrual interest.

(c)

To determine

To prepare: the balance on December 31, 2017

(d)

To determine

To prepare: the journal entry of the interest payment

(e)

To determine

To prepare: the entry of accrual interest.

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

Answer 6

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

Answer 7

Chapter 15, Problem 15.1AP

(a)

To determine

Bond Issuance: The Company issues the bonds when it needs long-term debt and for this purpose it calls the public to buy the bond. This whole process is known as bond issuance.

Bond Redemption: Bond redemption refers the payment of bonds to its bondholder is made by the issuer.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entry of the bond issuance.

Answer 8

(b)

To determine

To prepare: the adjusting entry of accrual interest.

Answer 9

(b)

To determine

To prepare: the adjusting entry of accrual interest.

Answer 10

(c)

To determine

To prepare: the balance on December 31, 2017

Answer 11

(c)

To determine

To prepare: the balance on December 31, 2017

Answer 12

(d)

To determine

To prepare: the journal entry of the interest payment

Answer 13

(d)

To determine

To prepare: the journal entry of the interest payment

Answer 14

(e)

To determine

To prepare: the entry of accrual interest.

Answer 15

(e)

To determine

To prepare: the entry of accrual interest.

Answer 16

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

Answer 17

(f)

To determine

To prepare: the payment of interest and redemption of the bonds.

Answer 18

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Ch. 15 - Prob. 1Q Ch. 15 - 2. Contrast the following types of bonds: (a)...Ch. 15 - Prob. 3Q Ch. 15 - Prob. 4Q Ch. 15 - Prob. 5Q Ch. 15 - Prob. 6Q Ch. 15 - Prob. 7Q Ch. 15 - Prob. 8Q Ch. 15 - Prob. 9Q Ch. 15 - Prob. 10Q

To prepare: the adjusting entry of accrual interest.

To prepare: the balance on December 31, 2017

To prepare: the journal entry of the interest payment

To prepare: the entry of accrual interest.

To prepare: the payment of interest and redemption of the bonds.

Chapter 15 Solutions