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Journalise the transactions for manex ltd.

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Reference no: EM132538822

Manex Ltd. issued $700,000, 6% ten year debentures at a price of 110 on 1 July 2016

Required:

Question 1: Journalise the following transactions for Manex Ltd. Include an explanation for each entry.

i) Issue of the debentures on 1 July 2016

ii) Accrual of interest expense & amortisation of debenture premium on 31 December 2016. Manex uses the straight line method to amortise the premium.

iii) Payment of half yearly interest on 1 January 2017.

iv) Report Debenture payable, interest payable & debenture premium as they would appear on Manex Ltd.'s balance sheet on 31 dec.

Reference no: EM132538822

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