Carla Vista Co. issues $345,000, 20-year, 9% bonds at 103. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount

Q: Sunland Company issued $ 660,000 of 5-year, 5% bonds at 98 on January 1, 2022. The bonds pay…

A: Interest on bonds=Value of bonds×5%×5=$660,000×5%×5=$165,000

Q: Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Concord Corporation sold $2,300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Interest payable = Face value of bonds x rate of interest x no. of years = 2300000*5%*1 = $115,000

Q: Whispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated…

A: The bonds are the financial instruments used by the business to raise money from the market or other…

Q: On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were…

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

Q: On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796.…

A: Part a:

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

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

Q: 2. Chapter 9 Homework. Help

A: Prepare journal entry for the issuance of bonds:

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Ivanhoe Company issued $530,000, 10-year, 8% bonds at 103. (a)     Prepare the journal entry to…

A: Issue value of the bonds = Face value of bonds x issue price/100 = $530,000 x 103/100 = $545,900

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: On January 1, 2021, Bank Nizwa. issued RO 90,000, five-year, 12% bonds at (100% of face value). The…

A: At the time of issue of the bond, interest is not recorded. It is recorded when the amount becomes…

Q: Oriole SpA issued €400,000, 7%, 20-year bonds on January 1, 2020, for €360,727. This price resulted…

A: Effective Interest Method: It is an accounting method that helps in calculating the discount on…

Q: On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from lender and…

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Crane Company issued $230,000 of 8%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: Definition:   Bonds: Bonds are a kind of interest-bearing notes payable, usually issued by…

Q: Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay…

A: The bonds are issued on discount when market rate is greater than the stated rate of interest.

Q: Carla Vista Inc. issues $390,000, 10-year, 9% bonds at 98. Prepare the journal entry to record the…

A: Bonds having a face value of $100 are issued at $98. So the $2 discount is given and the cash…

Q: Concord Corporation issues $2.30 million, 10-year, 9% bonds at 98, with interest payable each…

A: When bonds are sold at 98 Discounts on Bonds Payable = Actual cost- sale price  Discount on Bonds…

Q: On January 1, 2022, Carla Vista Company issued $ 500,000, 12%, 10-year bonds at face value. Interest…

A: Interest expense = Face value of bonds x rate of interest x no. of months/12 = $500,000 x 12% x…

Q: Pharoah Company issues $3,000,000, 10-year, 7% bonds at 93, with interest payable each January 1.…

A: Definition:   Bonds: Bonds are a kind of interest bearing notes payable, usually issued by…

Q: Gridley Company issued $988,000, 12%, 10-year bonds on December 31, 2014, for $928,720. Interest is…

A: Discount on bonds payable = Face value of bonds issued - selling price ofBonds  = $988,000 -…

Q: Cullumber Company sold $2,000,000, 4%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: Blossom Company issues $ 1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1.…

A: Bonds are the issued for collecting resources and it is considered as a cheaper source of finance…

Q: Pharoah Company issued $560,000, 10-year, 6% bonds at 103. Prepare the journal entry to record the…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Crane Company issued $1,730,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record…

A: When bonds are redeemed at par, we  will Credit Cash Account.

Q: Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to…

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

Q: part 1: Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each…

A: The bonds are sold in two forms: 1. At a discount 2. At premium

Q: Oriole Inc. issues $380,000, 10-year, 8% bonds at 97. Prepare the journal entry to record the sale…

A: Cash received from sale of bond = $380,000 x 97% = 368,600

Q: Theca Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Interest is payable…

A: Journal entries are an accounting entries used by an firm to accounts its business transactions in…

Q: Wildhorse Electric sold $5,160,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated…

A: 1)   Date Accounts title & explanation Debit $ Credit $ 1 Jan ,2020 Cash…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…

Q: On January 1, 2018, Lane Unlimited issues a 9%, 10- year bonds payable with a face value of…

A: Total premium on bonds = Issue value - Face value = $240,000 x 105/100 - $240,000 = $12,000

Q: On January 1, 2022, Bridgeport Company issued $1,300,000 face value, 7%, 10-year bonds at…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: On January 1, 2020, Sheridan Company issued $351,500, 6%, 5-year bonds at face value. Interest is…

A: Interest expense = Par value of bonds x Interest rate = $351,500 x 6% = $21,090

Q: Blossom Company issued $510,000 of 5-year, 9% bonds at 96 on January 1, 2022. The bonds pay interest…

A: Long-term debt is represented by bonds. When a corporation pays a lower interest rate than the…

Q: On October 1, 2021, Cullumber Company issued $520,000, 6%, 10-year bonds at face value. The bonds…

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

Q: Crane Company issued $1,730,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record…

A: When bonds are issued at discount then we will debit "Discount on bonds payable" account is debited.…

Q: Sunland Electric sold $5,615,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated…

A: Cash received on issue of bonds = $5,615,000*96/100 = $5,390,400 Discount on Bonds Payable = Face…

Q: andings Glassware Company issues $1,066,000 of 16%, 10- year bonds at 94 on February 28, 2025. The…

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

Q: Carla Vista Corporation issued 2,800, 6%, 5-year, $1,000 bonds dated January 1, 2022, at 100.…

A: Introduction: Bonds are issued with the assistance of governments and enterprises in order to raise…

Q: Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable…

A: Bonds: When a corporation wants to raise money for financing its operations, Bonds issue is one of…

Q: On January 1, Concord Corporation issued $280,000, 6%, 10-year bonds at face value. Interest is…

A: Bonds are the long term debts for the company which are highly secured. They are purchased usually…

Q: Flint Corporation sold $3,050,000, 6%, 5-year bonds on January 1, 2022. The bonds were dated January…

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

Q: Bramble Corp. sold $3,730,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1,…

A: Proceeds on sales of bonds at 97 =$3730, 000×97% = $3,618, 100

Q: Wildhorse Corporation issued $410,000 of 10-year bonds at a discount. Prior to maturity, when the…

A: Solution: Face value of bond= $410,000 Carrying value of bond prior to redemption = $379,250…

Q: Blossom Company issues $1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: (a)Prepare the journal entry to record the sale of these bonds on January 1, 2022. (b)Prepare the…

A: