Record entry for the issuance of bonds for cash on january

Assignment Help Accounting Basics
Reference no: EM133176441

Question - Brussels Enterprises issues bonds at par dated January 1, 2021, that have a $1,700,000 par value, mature in four years, and pay 9% interest semiannually on June 30 and December 31.

1. Record the entry for the issuance of bonds for cash on January 1.

2. Record the entry for the first semiannual interest payment and the second semiannual interest payment.

3. Record the entry for the maturity of the bonds on December 31, 2024 (assume semiannual interest is already recorded).

Reference no: EM133176441

Questions Cloud

Compute cash flows from investing activities under gaap : Based on the following information, compute cash flows from investing activities under GAAP. Cash collections from customers $860
Literature review on early childhood : Literature review on either early childhood, inclusion (elementary age), or transitioning issues that individuals with disabilities
Compute the bonus after bonus and taxes : The income for the year before bonus and tax is P5,250,000. The income tax rate is 25%. Compute the bonus after bonus and taxes
What is the present value of the settlement agreement : If the discount rate embedded in the settlement negotiations was 4.8 percent APR, compounded monthly, what is the present value of the settlement agreement
Record entry for the issuance of bonds for cash on january : Brussels Enterprises issues bonds at par dated January 1, 2021, that have a $1,700,000 par value, Record entry for the issuance of bonds for cash on January
Determine the effective interest rate : 1. Determine the effective interest rate of 3% compounded weekly. Express your answer in decimal form, rounded correctly to four decimal places.
Identify the respective characteristics of information : Identify the respective characteristics of information and briefly explain the characteristics - Review of YIC technical teams of LMS identitied that students
Determine the equivalent units of production : Materials are entered at the beginning of each process. Determine the equivalent units of production and the unit production costs for the Assembly Department
What must the coupon rate be on the bonds : Rio Tinto has bonds on the market making annual payments, with 12 years to maturity, a par value of $1000, What must the coupon rate be on the bonds

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a classified statement of financial position

The trial balance of Pronghorn Ltd. at December 31, 2020, follows: Prepare a classified statement of financial position as at December 31, 2020

  What is the accumulated depreciation after the first year

In the second year, the popper produced 12,000 buckets of popcorn. What is the accumulated depreciation after the first year

  Concept of sustainable income

Understand the concept of sustainable income. Indicate how irregular items are presented. Explain the concept of comprehensive income.

  Define the reduction in store hours would result in

LXQ Turo Turo stores are open for 15 hours a day (from 6:00 a.m. to 9:00 p.m.). It sells packaged meals at a price of P40 per meal. Variable cost per meal.

  Encumbrances and approval for payment

(Encumbrances and approval for payment) The sheriff 's office in the village of Katoonah had a General Fund appropriation of $85,000 for public safety supplies.

  Plant and equipment with an original cost of 150000 was

impact of operating and investing activities indirect methodthe following account balances were taken from the records

  Compute first-year depreciation expense on land improvements

Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation

  Prepare work in progress control account

During the month of May 2002. Shs.2,100,000 was paid as royalty for that particular engine. Prepare Work in progress control account

  What would be the amount upon which macrs deduction would be

Susan purchased land and a building for $80,000, What would be the amount upon which a MACRS deduction would be computed?

  Find what is the risk class of the customer

The Bank of Fast Loans uses the rating, The bank offers an annual rate of 15.07% to a customer. What is the risk class of the customer?

  How much would shown as expense or rent

During the year Ahmad paid rent of $9870 and at the end of the year $643 was prepaid rent. How much would shown as expense or rent

  As an accountant how might you ensure you are providing

as an accountant how might you ensure you are providing your audience with the appropriate amount of information in the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd