Bonds Issued at Face ValueA & B Antiques issued the following bonds:Date of issue and sale:April 1, 20-1Principal amount:$540,000Sale price of bonds:100Denomination of bonds:$1,000Life of bonds:10 yearsStated rate:8%, payable semiannually on September 30 and March 31Prepare journal entries for:Hidea. Issuance of the bonds.b. Interest payment on the bonds on September 30.c. Year-end adjustment on the bonds.If an amount box does not require an entry, leave it blank.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. 1 2 2 3 3 4 b. 4 5 5 6 6 7 c. 7 8 8 Exercise 22-2A (Algorithmic)Bonds Issued at a PremiumVelez Entertainment Co. issued the following bonds at a premium:Date of issue and sale:April 1, 20-1Principal amount:$520,000Sale price of bonds:104Denomination of bonds:$1,000Life of bonds:20 yearsStated rate:10%, payable semiannually on September 30 and March 31Prepare journal entries for:Hidea. Issuance of the bonds at a premium.b. Interest payment and premium amortization on the bonds on September 30.c. Year-end adjustment on the bonds.If an amount box does not require an entry, leave it blank.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. 1 2 2 3 3 4 4 5 b. 5 6 6 7 7 8 8 9 c. 9 10 10 11 11 Exercise 22-2A (Algorithmic)Bonds Issued at a PremiumVelez Entertainment Co. issued the following bonds at a premium:Date of issue and sale:April 1, 20-1Principal amount:$520,000Sale price of bonds:104Denomination of bonds:$1,000Life of bonds:20 yearsStated rate:10%, payable semiannually on September 30 and March 31Prepare journal entries for:Hidea. Issuance of the bonds at a premium.b. Interest payment and premium amortization on the bonds on September 30.c. Year-end adjustment on the bonds.If an amount box does not require an entry, leave it blank.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. 1 2 2 3 3 4 4 5 b. 5 6 6 7 7 8 8 9 c. 9 10 10 11 11 Exercise 22-7ABond Sinking FundsLearning Objective 5 M. J. Adams Corporation pays $40,000 into a bond sinking fund each year for the future redemption of bonds. At the end of the first year, earnings on the sinking fund are $3,200. When the bonds mature, there is a balance in the sinking fund of $301,800, of which $300,000 is used to redeem the bonds.Prepare journal entries to record:Hidea. The initial sinking fund deposit.b. The first years earnings.c. The redemption of the bonds.d. The return of excess cash to the corporation.If an amount box does not require an entry, leave it blank.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. 1 2 2 3 3 4 b. 4 5 5 6 6 7 c. 7 8 8 9 9 10 d. 10 11 11 12 12 Problem 22-8ABonds Issued at Face ValueLearning Objective 2 Ito Co. issued the following bonds:Required:Prepare journal entries for the transactions below. If an amount box does not require an entry, leave it blank.Hidea. Issuance of the bonds.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Apr. 01 1 2 2 3 3 Hideb. Interest payment on the bonds on September 30, 20-1.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Sep. 30 1 2 2 3 3 Hidec. Year-end adjustment on the bonds for 20-1.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Dec. 31 1 2 2 3 3 Hided. Reversing entry for the beginning of 20-2.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Jan. 01 1 2 2 3 3 Hidee. Interest payments on the bonds for 20-2 (March 31 and September 30).GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Mar. 31 1 2 2 3 3 4 Sep. 30 4 5 5 6 6 Hidef. Redemption at maturity.GENERAL JOURNAL page 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Apr. 01 1 2 2 3 3
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