On the first day of the current fiscal year 1500000 of

Assignment Help Accounting Basics

Reference no: EM13597778

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
(a) Issuance of the bonds.
(b) First semiannual interest payment.
(c) Amortization of bond discount for the year, using the straight-line method of amortization.

(a) Prepare the journal entry to issue $100,000 bonds which sold for $90,000.
(b) Prepare the journal entry to issue $100,000 bonds which sold for $105,000.

Reference no: EM13597778

Questions Cloud

The following information pertains to tanzi company assume : the following information pertains to tanzi company. assume that all balance sheet amounts represent both average and

An outside supplier has offered to provide part x at a : lindon company uses 4500 units of part x each year as a component in the assembly of one of its products. the company

James works as a landscaper for local businesses on : james works as a landscaper for local businesses on weekends and he often provides services in exchange for property.

Variable manufacturing costs are 4 per unit fixed factory : topple company produces a single product. operating data for the company and its absorption costing income statement

On the first day of the current fiscal year 1500000 of : on the first day of the current fiscal year 1500000 of 10-year 8 bonds with interest payable semiannually were sold for

Sonja and sons inc owns and operates a group of apartment : sonja and sons inc. owns and operates a group of apartment buildings. management wants to sell one of its older

Becton labs inc produces various chemical compounds for : becton labs inc. produces various chemical compounds for industrial use. one compound called fludex is prepared using

Aziz corporation produces and sells a single product data : aziz corporation produces and sells a single product. data concerning that product appear below. selling price per unit

Recently a sales rep from waste radar company told the city : ignore income taxes in this problem. five years ago the city of paranoya spent 30000 to purchase a computerized radar

User Account

All Pages