Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 March 1: Issued the bonds for cash at their face amount. Sept 1: Paid the interest on the bonds. 20Y4 Sept 1: Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 March 1: Issued the bonds for cash at their face amount. Sept 1: Paid the interest on the bonds. 20Y4 Sept 1: Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...
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Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.
20Y2
March 1: Issued the bonds for cash at their face amount.
Sept 1: Paid the interest on the bonds.
20Y4
Sept 1: Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
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