Journalize the entries to record the following transactions

Reference no: EM131810369

Gabriel Co. produces and distributes semiconductors for use by computer manufacturers. Gabriel Co. issued $840,000 of 10-year, 4% bonds on 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 year.

Journalize the entries to record the following selected transactions for the current year. Refer to the Chart of Accounts for exact wording of account titles.

May	1	Issued the bonds for cash at their face amount.
Nov.	1	Paid the interest on the bonds.
Dec.	31	Recorded accrued interest for two months.

Reference no: EM131810369

Questions Cloud

Prepare income statements under variable and absorption cost : Prepare income statements under variable and absorption costing for the year ended December? 31, 2014.

Purchase of a new piece of equipment : A large profitable company, in the 40% combined federal/state tax bracket,is considering the purchase of a new piece of equipment that will yield benefits

Determining the federal taxable income : The bonds may be purchased now for $1000. The income from corporation bonds must be included in federal taxable income.

What are the expected duplicating department costs for june : Data from the duplicating department of Fastcopy Ltd. What are the expected duplicating department costs for June if 19,000 copies are expected to be made?

Journalize the entries to record the following transactions : Journalize the entries to record the following selected transactions for the current year. Refer to the Chart of Accounts for exact wording of account titles.

Tracking and analysis of realtime changes : You recently bought a mini-supercomputer for $10,000 to allow for tracking and analysis of realtime changes in stock and bond prices.

Prepare all the journal entries for knight inc : Kingdom Leasing INc. agrees to lease jousting equipment to Knight Inc. on Jan 1, 2012. Prepare all the journal entries for Knight Inc. for 2012

Compute the activity rates for the activity cost pools : Compute the activity rates for the activity cost pools. Prepare the first-stage allocation of costs to the activity cost pools.

Minimum attractive rate of return : If the corporation has a minimum attractive rate of return of 10% after taxes, which alternative should it choose? Solve the problem by:

User Account

All Pages