Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount.

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Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2015

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Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

July 1, 2015

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Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2015

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Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2035

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On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.

Accounts Payable $56,350

Sales Taxes Payable 8,320

Unearned Service Revenue 15,930

During January, the following selected transactions occurred.

Jan. 5 Sold merchandise for cash totaling $15,012, which includes 8% sales taxes.

12 Performed services for customers who had made advance payments of $11,330. (Credit Service Revenue.)

14 Paid state revenue department for sales taxes collected in December 2014 ($8,320).

20 Sold 850 units of a new product on credit at $50 per unit, plus 8% sales tax.

21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.

25 Sold merchandise for cash totaling $9,504, which includes 8% sales taxes.

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Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 5

Jan. 12

Jan. 14

Jan. 20

Jan. 21

Jan. 25

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Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 31

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Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.

Accardo Company
Balance Sheet (Partial)
January 31, 2014

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity

$

    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Total Stockholders’ Equity

$

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Question

Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount.

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Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2015

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Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
July 1, 2015

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Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2015

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Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2035

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On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.

Accounts Payable		$56,350
Sales Taxes Payable		8,320
Unearned Service Revenue		15,930

During January, the following selected transactions occurred.

Jan. 5		Sold merchandise for cash totaling $15,012, which includes 8% sales taxes.
12		Performed services for customers who had made advance payments of $11,330. (Credit Service Revenue.)
14		Paid state revenue department for sales taxes collected in December 2014 ($8,320).
20		Sold 850 units of a new product on credit at $50 per unit, plus 8% sales tax.
21		Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.
25		Sold merchandise for cash totaling $9,504, which includes 8% sales taxes.

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Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5


Jan. 12

Jan. 14

Jan. 20


Jan. 21

Jan. 25

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Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31

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Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.

Accardo Company Balance Sheet (Partial) January 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity
		$




Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders’ Equity		$

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