Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals. To record: The journal entry for sale of bonds.

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Answer 1

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Month Monthly Product Demand 2021-01-01 207.55 2021-02-01 208.25 2021-03-01 209.33 2021-04-01 210.11 2021-05-01 213.78 2021-06-01 225.12 2021-07-01 227.19 2021-08-01 218.92 2021-09-01 213.25 2021-10-01 210.75 2021-11-01 215.97 2021-12-01 223.97 2022-01-01 220.54 2022-02-01 213.47 2022-03-01 218.48 2022-04-01 222.07 2022-05-01 222.85 2022-06-01 236.38 2022-07-01 248.60 2022-08-01 234.45 2022-09-01 217.32 2022-10-01 222.56 2022-11-01 237.77 2022-12-01 245.59 2023-01-01 237.75 2023-02-01 213.70 2023-03-01 238.18 2023-04-01 244.78 2023-05-01 233.42 2023-06-01 241.35 2023-07-01 267.98 2023-08-01 249.97 2023-09-01 220.58 2023-10-01 233.12 2023-11-01 240.90 2023-12-01 268.61 2024-01-01 250.80 2024-02-01 225.31 2024-03-01 247.32 2024-04-01 248.50 2024-05-01 237.35 2024-06-01 258.62 2024-07-01 284.45 2024-08-01 256.21 2024-09-01 225.73 2024-10-01 234.07 2024-11-01 263.70 2024-12-01 286.03 Please…

Answer 2

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Answer 3

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Answer 4

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Answer 5

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

Answer 6

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

Answer 7

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

Answer 8

(b)

To determine

To record: adjusting journal entry for interest expense.

Answer 9

(b)

To determine

To record: adjusting journal entry for interest expense.

Answer 10

(c)

To determine

To record: journal entry to record interest paid.

Answer 11

(c)

To determine

To record: journal entry to record interest paid.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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 record: adjusting journal entry for interest expense.

To record: journal entry to record interest paid.

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Chapter 15 Solutions