I need help with this plea Entries for Issuing BondsF3InstructionsInstructionsAbioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $540,000 of 10-year, 11% bonds onMay 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.Required:Journalize the entries to record the following selected transactions for the current year. Refer to the chart of accounts for the exactwording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit orcredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.X$MayNov.Dec.F4RChart of Accounts JournalFс01131Q SearchF545Issued the bonds for cash at their face amount.Paid the interest on the bonds.Recorded accrued interest for two months.%TGF66YHF7&7LOEINGUF8J*8F9K(92F10O☀-0L1F11P0+F12{[PrtSc+ 11Insert12:51/22/DeletBackspI

Bonds -A bond is a type of loan or debt that the general public gives to governments or businesses.…

Instructions Chart of Accounts Journal nstructions Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $540,000 of 10-year, 11% bom May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar yea

Instructions Chart of Accounts Journal nstructions Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $540,000 of 10-year, 11% bom May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar yea

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 8E

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Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of 66,747,178. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016.
On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. What is the journal entry to record the issuance of the bonds?
ries for issuing bonds Instructions Chart of Accounts Journal structions homson Co. produces and distributes semiconductors for use by computer anufacturers. Thomson Co. issued $240,000 of 10-year, 9% bonds on May 1 the current year at face value, with interest payable on May 1 and November The fiscal year of the company is the calendar year. ournalize the entries to record the following selected transactions for the current ear. Refer to the Chart of Accounts for exact wording of account titles. May Nov. Dec. erk My Work 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds. 31 Recorded accrued interest for two months. 1 Journal 1 2 3 4 5 6 7 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT
Entries for issuing and calling bonds; gain Mia Breen Company produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $396,000 of 10-year, 8% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 November 1 20Y9 November 1 20Y5 May 1 Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. Paid the interest on the bonds. Issued the bonds for cash at their face amount. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) Paid the interest on the bonds. 20Y9 Nov. 1 88 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) 88
Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,536,000 of 20-year, 9% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. 1.) Journalize the entries to record the following selected transactions: 20Y5 May 1: Issued the bonds for cash at their face amount. Nov 1: Paid the interest on the bonds. 20Y9 Nov 1: Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. 2.) Issued the bonds for cash at their face amount 20Y5 May 1: Cash Bonds Payable 3.) Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) 20Y9 Nov 1: Bonds Payable Gain on Redemption of Bonds Cash
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Entries for issuing and calling bonds; lossAdele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on March 1, 20Y1, 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:
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On the first day of the fiscal year, a company issues a $950,000, 10%, 5-year bond that pays semiannual interest of $47,500 ($950,000 × 10% × 1/2), receiving cash of $884,174. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY…
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $601,000 of 25-year, 12% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 Cash Cash Bonds Payable Bonds Payable Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 Interest Expense Interest Expense Cash Cash…
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $980,000 of 10-year, 11% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it…