THIS QUESTION WILL ALSO BE CHECKED MANUALLY.QUESTION 7On the first day of the fiscal year, a company issues a $960,000, 86, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177Journalize the entry for the issuance of the bonds using the chart of accounts below.Bonds PayableCashGain on Redemption of BondsInterest ExpenseInterest PayableInterest RevenueLoss on Redemption of BondsPremiun on Bonds PayableDiscount on Bonds PayableEnter your answers into the table below.Key the account names carefully (exactly as shown above) and follow formatting instructions below.DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY.WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY LEAVE IT BLANK.AccountDebitCreditTHIS QUESTION WILL ALSo BE CHECKED MANUALLY (to make adjustments for typos).

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

QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Discount on Bonds Payable Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos).

QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Discount on Bonds Payable Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos).

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 13M

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