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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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