On January 1, 2018, Denver Services issued $20,000 of 8% bonds that mature in five years. The bonds were issued for $19,000. Prepare the journal entry to issue bonds. Omit explanation

Q: On January 1, 2020, the Rangler Company issued $600,000 of eight-year bonds at 102. The stated…

A: Cash(600000*102/100) Dr $612000 Bond payable  Cr                      $600000 Premium on issue   Cr.…

Q: On May 1, 2020, Forest Company issued 3,000 $1,000 bonds at 102. Each bond was issued with one…

A: Market Value of Warrants = No. of bonds x   fair value = 3,000 x $30 = $90,000 Market Value of Bonds…

Q: a. Make the necessary adjusting entries at December 31, 2011, and the journal entry to record the…

A:

Q: On July 1, 2020, Tealight Company issued 2,000 $ 1,000 bonds at 103. Each bond was issued with one…

A: The process of recording financial activity for the first time in the books of accounts is known as…

Q: On January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. The bond interest is…

A: SOLUTION INTEREST EXPENSE TO BE RECOGNIZED FOR 6 MONTHS = BONDS BOOK VALUE AT THE BEGINNING OF THE…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: The carrying value of a bond is the par value or face value of that bond plus any unamortized…

Q: Simko Company issued $630,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for…

A: Bonds are generally long-term debt. The company issue bonds for investment purpose and paid interest…

Q: On March 1, 2018, Baddour, Inc., issued 10% bonds, dated January 1, with a face amount of $160…

A:

Q: On January 1, 2018, Parker Company issued bonds with a face value of $63,000, a stated rate of…

A: Amortization means decrease in the amount of debt over a period of time by paying some amount…

Q: Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued…

A: When, the debentures are issued at less than par value, it is has been issued at discount. The…

Q: On January 1, 2020, Stellar Corporation issued $590,000 of 9% bonds, due in 8 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: On January 1, 2018, Davie Services issued $20,000 of 8% bonds that mature in five years. They were…

A: Premium on issue of bonds = Isue value - face value of bonds = $20,750 - $20,000 = $750

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: Solution:- Introduction:- Journal entry is the first step in the accounting process. It is used to…

Q: On January 1, 2021, MACADAMIA Company issued 5 year bonds with face value of ₱5,000,000 at 110. The…

A: Net issue price = (Face value of bonds x issue price/100) - Bonds issue cost = (₱5,000,000 x…

Q: On January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. Thebond interest is…

A: The correct option is option “d”.

Q: Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2012. Interest is…

A: The bond issue premium represents the excess of bonds proceeds on issue over the face value of the…

Q: The Gorman Group issued $860,000 of 9% bonds on June 30, 2021, for $945,110. The bonds were dated on…

A: We have the following information of the Gorman Group: 9% $860,000 bonds issued for $945,110…

Q: The Gorman Group issued $810,000 of 11% bonds on June 30, 2021, for $879,498. The bonds were dated…

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

Q: On November 1, 2018, Sigma Inc. invests in $1,000,000 of 5%, 10-year bondsissued by Microsoft…

A: Correct Option is “a”: Interest Revenue. After Investing in November 2018, the interest revenue will…

Q: On October 1, 2010, EEE Inc. issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: In the given case - P1000 Bonds are dated 1st July-2010. The bonds are issued on 1st October-2010…

Q: Xonic Corporation issued 8 million of 20 year, 8 percent bonds on April 1, 2018, at 102. Interest is…

A: a. Following is the journal entry of issuance of bonds:

Q: On April 1, 2016, Western Communications, Inc., issued 12% bonds, dated March 1, 2016, with face…

A: 1.Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth’s…

Q: On January 1, 2021, MACADAMIA Company issued 5 year bonds with face value of ₱5,000,000 at 110. The…

A: Amount received from the bond issuance = (Face value of bonds x issue price/100)  - bond issue cost…

Q: On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 103. Interest is paid…

A: A bond refers to the instrument which is issued by the government to borrow money when needed. It is…

Q: Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2011, at 98.…

A: Bond discount is the difference between the selling price of the bond and the face value of the…

Q: On January 1, 2021, Borg Company issued 4,000 of its 8% P2,000 face value bonds at 97 including…

A: The bonds are issued at discount when the coupon rate of bonds is lower than the stated rate of…

Q: ctions for Zillow include an explanation for each entry A. Insurance if the bonds payable at par on…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: On February 1, 2009, Alpha Company issued 5,000 of its P1,000 face value bonds at 110 plus accrued…

A: Formula: Net amount received from the issuance of the bonds = Issue value of the bonds + Accrued…

Q: Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2015. The bonds wereissued for…

A: Payment of interest = Face value of bonds x rate of interest x time = $600,000 x 5% = $30,000 Total…

Q: On April 1, 2016, Lanz Company issued at 99 plus accrued interest, 200 of its 8%, P 1,000 bonds. The…

A: Bonds are the type of debt security issued by the company having a fixed percentage of coupon rate…

Q: On May 1, 2020, Judice Company issued 400 $1,000 bonds at 104. Each bond was issued with two…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: Hasley Company issued $800,000, 11%, 10-year bonds on December 31, 2018, for $730,000. Interest is…

A: Journal entry to record the issuance of the bonds: Date Account Titles Debit ($) Credit ($)…

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A:

Q: b. First interest payment on October 1, Year 1, and the amortization of bond premium for 2 months,…

A: Bonds:   Bonds are the financial debt instruments issued by the corporations to raise capital for…

Q: On May 1, 2018, Green Corporation issued $1,100,000 of 12% bonds, dated January 1, 2018, for…

A:

Q: On October 1, 2021, ABC Corporation issued, at 99 excluding accrued interest, 3,000 of its 8% 1,000…

A: Bond: It is a form of long-term debt issued by company . It is a contract to pay the bondholders…

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: 1.

Q: On March 1, 2016, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A: Step 1: Record the journal entry for issuance of bonds on March 1, 2016:

Q: On January 1, 2019, P Sport Corporation issued 10% bonds with a face value of $200,000. The bonds…

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

Q: On July 1, 2018, Mason & Beech Services issued $33,000 of 10% bonds that mature in five years. They…

A: Interest payable on the bond is the amount payable on the bond by the bondholder at the coupon rate,…

Q: On January 1, 2018, Western Services issued $20,000 of 8% bonds that mature in five years. The bonds…

A: A bond is borrowing security issued by the company by signing a bond agreement in which terms and…

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

A:

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A:

Q: a) April 1, 2011, to record the issuance of bonds b) September 30, 2011, to pay interest and to…

A: April 1, 2012 Cash A/c dr 16,000,000      To 20 year 10% Bond 16,000,000 (To record Issue of bonds)…