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On February 1, 2011, Lagune & Sons issued 9% bonds dated February 1, 2011, with a face amount of $200,000. The bonds sold for $182,841 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semi annually on July 31 and January 31. Lagune's fiscal year is the calendar year.
1. Prepare the journal entry to record the bond issuance on February 1, 2011.
2. Prepare the entry to record interest on July 31, 2011, using the effective interest method.
3. Prepare the necessary journal entry on December 31, 2011.
4. Prepare the necessary journal entry on January 31, 2012.
Fill journal entries appropriate to be recorded these transactions - In November sold $4,000 of gift cards. $700 of these was redeemed.
John organized Toucan Corporation 10 years ago. He contributed property worth $1,000,000 (basis of $200,000) for 2,000 shares of stock in Toucan (representing 100% ownership). John later gave each of his children, Julie and Rachel, 500 shares of the ..
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journal entries for bank reconciliation1. prepare bank reconciliation.nbsp use a format like the one shown on page 370
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