Prepare the journal entry to record the issuance of bonds

Reference no: EM13146379

Worthington Company issued $1,000,000 face value, six-year, 10% bonds on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1 and Janary 1. Worthington uses a calendar year-end.

1. Prepare the journal entry to record the issuance of the bonds on July 1, 2010

2. Prepare the adjusting journal entry on December 31, 2010, to accrue the interest expense.

3. Prepare the journal entry to record the interest payment on January 1, 2011.

Reference no: EM13146379

Questions Cloud

Find the sample proportions and z test statistic : The fleet of yellow fire trucks made 135,035 runs and had 4 accidents. At α = .01, did the yellow fire trucks have a significantly lower accident rate?

What has happened inside margo skeletal muscle cells : Margo recently began working out and jogs 3 times a week. After her jogs she is breathless and her muscles ache. What has happened inside margo's skeletal muscle cells. If Margo continues what changes would occur in her muscles.

Make sure that you solve for the output level of each firm : Make sure that you solve for the output level of each firm, and the market price.

Accounts receivable after the adjusting entry : Their net credit sales for the year 20A is $450,000, the balance in accounts receivable at the end of the year is $40,000 and there is a debit balance (before adjustment) in the allowance for doubtful accounts of $400. How much would Johnstone rep..

Prepare the journal entry to record the issuance of bonds : 1. Prepare the journal entry to record the issuance of the bonds on July 1, 2010 2. Prepare the adjusting journal entry on December 31, 2010, to accrue the interest expense. 3. Prepare the journal entry to record the interest payment on January 1, 20..

Explain express the molar expression numerically : If only COF2 is present initially at a concentration of 2.00 M , what concentration of COF2 remains at equilibrium? Express the molar expression numerically

Describe what is meant by laminar flow : Describe what is meant by "laminar flow" and "turbulent flow." Before you inflate the cuff, which term more closely describe the blood flow in the brachial artery? Explain.

What is tom''s ''real'' hourly wage rate? : What is Tom's 'real' hourly wage rate? How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his opt..

Why null-alternative hypothesis have to mutually exclusive : Why do a null and alternative hypothesis have to be mutually exclusive? When would you accept the null hypothesis? Can you give an example of this?

User Account

All Pages