ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125

Q: 1.Prepare the journal entry on January 1, 2021, to record interest paid.

A: Given information is: Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1,…

Q: Un 1/1/2020, Blue Company issued 5-year, 9% bonds with a par value of $1,000,000 The company…

A: Bond is an instrument which is issued at par, discount or at premium.  When company required the…

Q: Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Description Debit…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable…

A: Discount on Bonds payable = Face value of bonds - issue price of bonds = $200,000 - $192,462 =…

Q: DATE Jun. 30 Cash Interest Expense DESCRIPTION Premium on Bonds Payable POST. REF. DEBIT 57,989.00…

A: Solution Concept In the amortization schedule , when the monthly payment includes the interest and…

Q: On January 1, 2018, Marigold Corporation issued $4200000, 10-year, 9% bonds at 102. Interest is…

A: Whenever bonds issued at premium, the face value of the bonds should be credited to bonds payable…

Q: Concord Corporation issues 10, 10- year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal…

A: Given that, the corporation issued 10 bonds. value of bonds issued = $1000 issue price of bond = $98…

Q: Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest…

A: Total cash received from Bond issue = 4100*$1000 = $4,100,000

Q: Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: On the basis of the details of the following bonds payable and related discount accounts, indicate…

A: Calculations:

Q: Brief Exercise 10-09 Oriole Company issues $325,000, 20-year, 7% bonds at 103. Prepare the journal…

A: Calculate the amount of cash received.

Q: Issuing Bónds at a Premium On the first day of the fiscal year, a company issues a $5,300,000, 8%,…

A: Bonds are issued by companies for collecting economic resources for working. They pay a certain…

Q: Apr. 1 Purchased for cash $338,000 of Vasquez City 3% bonds at 100 plus accrued interest of $2,535.…

A: When a company's bond is purchased as an investment, it carries a fixed rate of interest. At the…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: Current Portion of Long-Term Debt Long-Term Investments 4,000 8,320 Marketable Securities 5,040…

A: Balance Sheet- An financial statement prepared at the end of each year, showing the financial…

Q: a. The purchase of the bonds on May 11 plus 40 days of accrued interest. Year 1 May 11…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Issuance of Long-Term Debt M. Nickles Company issued $1,500,000 of bonds for $1,487,200. Interest is…

A: 1. Record journal entry for issuance of bonds as shown below:

Q: Discount on bonds payable 127,451To record discount amortization for the prior and current years…

A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of the question are given, then first…

Q: Korean Corporation issued $2 million, 10-year, 6% bonds on January 1, 2021.     1) Prepare the entry…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Riverbed Corp issues 940, 10-year, 8%, $1000 bonds dated January 1, 2020, at 96. The journal entry…

A: Bonds are recognized as a financial instrument used to raise finance for the organization. It is…

Q: ssuing Bonds at a Discount 1. On the first day of the fiscal year, a company issues a $8,200,000,…

A: A bond issued on discount:-When a company issue a bond less than its par value is known as a bond…

Q: 00 Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Given data, Bond issue=$650,000 Interest =$19,500 Cash received=$650,000

Q: 1a. Purchased for cash $200,000 of Jakob, Inc. 9% bonds at 100 plus accrued interest of $3,000. DATE…

A: Semiannual interest = Face value of bonds x rate of interest x 6 months / 12 months = $200,000 x 9%…

Q: Redemption of Bonds Payable A $950,000 bond issue on which there is an unamortized premium of…

A: Bonds payable $950,000 Unamortized premium $78,000 Cash paid $802,000

Q: Superior Drive ins Ltd borrowed money by issuing $5,500,000 of 6% bonds payable at 93.5 on July…

A: Bond may be referred to as a financial securities which are issued by large and government…

Q: Hi, I'm not understanding this problem or where I went wrong with my calculations? Can you help me…

A: Calculate the Gain on redemption of bonds:

Q: Q1: North Company issued $80 million of 12%, 10-year bonds on January 1. Interest is paya…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: Accounting Sold May Corporation bond purchase for cash of $5,100. The May Corporation Bonds were:…

A: journal entry with proper explanation are as follows

Q: Journalize the redemption of the bonds

A: Redemption of bond means discharging the liability of bond by paying off it in cash or cash…

Q: Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of…

A: In the given question, the company amortized bonds having face value of $ 940,000 and unamortized…

Q: ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1…

A: 1. Retirement of Bonds: Financing Activity, Decrease in cash $150,000 - $12,000 = $138,000 2. Issue…

Q: Sheridan Company issues $3.80 million, 20-year, 5% bonds at 97, with interest payable on December…

A: The primary reporting of the entries or transactions in the books is known as journal entry.

Q: A $375,000 bond issue on which there is an unamortized discount of $40,000 is redeemed for $320,000.…

A: Carrying value of the bonds = Face value of bonds - Unamortized discount = $375,000 - $40,000 =…

Q: What account would be debited (1), what account would be credit (2), and what amount would be paid…

A: Bonds: Bonds are a debt instrument on which interest is paid. They can be issued at a discount/par…

Q: Accounts Debit Credit $ 11,700 35,000 152,500 72,300 125,000 Cash Accounts Receivable Inventory Land…

A: Adjusted trial balance is not part of financial statements. This is used by management to check…

Q: On January 1, 20x1, Yoga Co. issued 1,000, P4,000 face amount bonds for P3,807,852. The bonds mature…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Bonds Payable has a balance of $1,135,000 and Discount on Bonds Payable has a balance of $11,350. If…

A: The discount on bond is an expense for the issuer which denotes the lesser amount that the issuer…

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Interest expense  for 6 months = 3000000×8%×1/2 = $120,000

Q: For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7%…

A: Solution Journal is the company's primary book in which all business transactions are recorded…

Q: eBook Calculator Print Item ACCOUNT Bonds Payable ACCOUNT No. Balance Date Item Debit Credit Debit…

A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…

Q: Flounder Corp. issues 850, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry…

A: A bond is a debt security, where an investor lends money to a company.

Q: Assume that on January 1, First Union Co. purchases for cash a $400,000 of Medford City 5% bond at…

A: Total amount paid for investment = Investment  + Accrued interest = $400,000 + $4,500 = $404,500