The board of directors of Media Plus authorizes the issue of $8,000,000 of 7%, twenty-year bonds payable. The semi-annual interest dates are May 31 and November 30. The bonds are issued on May 31, 20X0, at par Requirements Journalize the following transactions: a. Issuance of half of the bonds on May 31, 20xO. 1. b. Payment of interest on November 30, 20X0. c. Accrual of interest on December 31, 20X0. d. Payment of interest on May 31, 20X1. 2. Report interest payable and bonds payable as they would appear on the Media Plus balance sheet at December 31, 20X0. Requirement 1. Journalize the transactions a through d. (Record debits first, then credits. Explanations are not required. Round all amounts to the nearest whole dollar.) a. Issuance of half of the bonds on May 31, 20Xo. Journal Entry Date Accounts Debit Credit May 31

Q: On January 1, 20x1, Faith Co. issued 1,000, P2,000, 12% bonds for P2,206,168. Principal is due on…

A: Calculation of Interest: Particulars Amount (P) Cash Proceeds (Issue Price) 2,206,168 Less:…

Q: Chase Corporation has $7,500,000 of 5 percent, 10-year bonds dated January 1, with interest payment…

A: A bond payable's sustaining value is another word for the book value of a bond payable. Bond payable…

Q: On April 30, Kate Company issued 7,000 of 15% ₱1,000 bonds at 95. The bonds have a five-year term…

A: Bond Issued = 7,000 Bond issue cost = ₱125,000 Face Value = ₱1,000 Coupon rate = 15% Time period = 5…

Q: On the first day of the fiscal year, a company issues a $970,000, 12%, 10-year bond that pays…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays…

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

Q: On January 1, Remington Corp issued $500,000 of 15-year, 10% bonds payable, yielding an effective…

A:

Q: On the first day of its fiscal year, Ebert Company issued $50,000,000 of 10-year, 7% bonds to…

A: a.

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 April 1, year 1, Opera Corporation issues P60 million of 12%, 10-year bonds payable at par.…

A: One of the sources used by the business entities to raise their share capital is the issue of debt…

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 April 30, CHIA-SEED Company issued 7,000 of 15% ₱1,000 bonds at 95. The bonds have a five-year…

A: To find the interest expenses of bond, we first need to calculate the yield or ytm of bond, which…

Q: On January 1, $932,000, 5-year, 10% bonds, were issued for $904,040. Interest is paid semiannually…

A: Solution: Discount on issue of bond = $932,000 - $904,040 = $27,960 Nos of semiannual periods = 5*2…

Q: Franklin Corporation issues $91,000, 10%, five-year bonds on January 1 for $95,100. Interest is paid…

A: Bonds are a form of debt or loan issued by the company. Regular interest payments needs to be made…

Q: On January 1, $925,000, 5-year, 10% bonds, were issued for $897,250. Interest is paid semiannually…

A:

Q: McNeil Corporation issued $750,000 of 6​%, 10​-year bonds payable on January​ 1, 2019. The market…

A: Introduction: Interest amount: Interest is charged on the Principal amount. Interest is calculated…

Q: Franklin Corporation issues $98,000, 10%, five-year bonds on January 1 for $102,400. Interest is…

A: Compute the unamortized premium as of July 1.   Unamortized premium as of July 1 = Issue price of…

Q: Keaubie Co. issued $250,000, 6%, 10-year bonds payable at a price of 102, on Jan. 1a.Journalize the…

A: A bond is one of the sources of debt financing that is generally issued by companies in order to…

Q: DEF Company was authorized to issue 12%, 10-year bond with face amount of P20,000,000 on January 1,…

A:

Q: Larkspur, Inc. had outstanding $5,540,000 of 11% bonds (interest payable July 31 and January 31) due…

A: Journal entries are used to record accounting transactions of the business and involves an debit in…

Q: On April 30, CHIA-SEED Company issued 7,000 of 15% P1,000 bonds at 95. The bonds have a five- year…

A: Y/2 = (I + (F - NI)/n)/((F + P)/2)

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: Franklin corporation issues $81,000, 8%, 5-year bonds on January 1, for $84,650. Interest is paid…

A: BOND IS A SECURITY UNDER WHICH THE DEBT PRINCIPAL AMOUNT IS REPAID ALONG WITH INTEREST OVER A…

Q: Moss Co. issued $101,000 of five-year, 12% bonds, with interest payable semiannually, at a market…

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

Q: Morgan Company issues 10%, 20-year bonds with a par value of $760,000 that pay interest…

A: Answer:   Option 3.

Q: On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face…

A: 1.

Q: On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

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

Q: On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $150,000, 8…

A: Interest Expense : Carrying value x 9% Cash Paid : 150,000 x 8% Discount Amortized : Interest…

Q: On the first day of its fiscal year, Chin Company issued $19,500,000 of five-year, 6% bonds to…

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

Q: On January 1, 20x1, an entity issues bonds with face amount of P5,000,000 for P4,800,000. The bonds…

A: Journal Entry: Any transactions either economic or non-economic are recorded through  journal entry…

Q: Xonic Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2021, at 102. Interest…

A: a) Date Account titles & explanation Debit Credit Apr 1, 2021 Cash (8,000,000 *102%)…

Q: On April 30, Petrol Company issued 7,000 of 15% ₱1,000 bonds at 95. The bonds have a five-year term…

A: SOLUTION- BOND IS A WRITTEN AGREEMENT OR CONTRACT BETWEEN AN ISSUER AND THE HOLDER THAT REQUIRES THE…

Q: On January 1, 20x1, Kageyama Corporation issues P1,500,000 of 10% bonds at 97 due December 31, 2x10.…

A: Introduction:- A bond is a form of instrument in which the issuer (the debtor) owes the holder (the…

Q: On January 1, 20x6, SAM COMPANY. issued 3-year bonds with a face value of P3,000,000 for P2,850,756.…

A: The interest expense is the cost which a firm is required to pay for the amount borrowed in the form…

Q: On January 1, $877,000, five-year, 10% bonds, were issued for $850,690. Interest is paid…

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

Q: On April 30, CHIA-SEED Company issued 7,000 of 15% ₱1,000 bonds at 95. The bonds have a five-year…

A: Given information, face value of bond(F) = 1,000   Net issue(NI) = 1,000 * 95/100-125,000/7,000 =…

Q: CHIA-SEED Company

A: At The Chia Co we tend to area unit captivated with positive plant primarily based nutrition. Our…

Q: On April 1, year 1, Opera Corporation issues P60 million of 12%, 10-year bonds payable at par.…

A: Introduction: Interest amount: Interest is a charge levied on the principal amount. Interest is…

Q: Franklin corporation issues $86,000, 10%, 5 year bonds on January 1st for $89,900. Interest paid…

A: When interest is paid semi-annually, rate would become half.

Q: y 1, firm issued $500,000 of 15   year, 6 percent bonds payable for $552,325, yielding an effective…

A: Bond interest expense is the aggregate interest expense incurred during a reporting period for an…

Q: Moss Co. issued $42,000,000 of five-year, 11% bonds, with interest payable semiannually, at a market…

A: Present Value: The value of today’s amount expected to be paid or received in the future at a…

Q: On the first day of the current fiscal year, $2,000,000 of 10-year, 6% bonds, with interest payable…

A: Given: Value of the bond = $ 2,000,000 Bond rate = 6 % Price of the bond = $ 2,125,000

Q: On January 1, 2018, NFB Visual Aids issued $800,000 of its 20-year, 8% bonds. The bonds were priced…

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

Q: Larkspur, Inc. had outstanding $5,540,000 of 11% bonds (interest payable July 31 and January 31) due…

A: Journal entries are used to record various transactions which was performed by the business during…

Q: On January 1, assume that Comcast issues $300,000 of 15-year, 10% bonds payable for $351,876,…

A: Solution 1: Issue price of this bond = Proceeds from bond issued = $351,876

Q: n July 1 of the current year, West Company purchased for cash, 8, $10,000 bonds of North Corporation…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Larkspur, Inc. had outstanding $5,540,000 of 11% bonds (interest payable July 31 and January 31) due…

A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…

Q: Marshalls Corporation completed a $500,000, 7 percent bond issue on January 1, 2015. The bondspay…

A: Given: To calculate the bond payable, unamortized and the carry value as,

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.