Transactions related to long-term bonds

Assignment Help Accounting Basics

Reference no: EM13147613

Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.

(a) On April 1, 2009, Quirk issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2019.

(b) On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.

Reference no: EM13147613

Questions Cloud

Likelihood of selected flights arrived within fifteen minute : We select four flights from yesterday for study. What is the likelihood all four of the selected flights arrived within 15 minutes of the scheduled time?

Explain networks of tetrahedral with sio single bonds : Given that B(SiO) 640 kJ/mol, show that bond enthalpy considerations predict that silicon-oxygen compounds are likely to contain networks of tetrahedral with SiO single bonds

Who should specialize in gathering nuts : Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Who should specialize in gathering nuts? Monk or Chip? both? or neither?

How many grams of bromine are required : how many grams of bromine are required to react with 37.4 grams of aluminum chloride?

Transactions related to long-term bonds : Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.

Push and pull factors that cause people to come to the u.s. : What does globilization mean to you?how are u affected by it?discuss the connection between spatial interaction and innovation.how is innovation advanced by spatial interaction?what is spatial diffusion?

How many moles of gas were added to the container : A gas sample containing 1.47 mol at 25°C exerts a pressure of 401 torr. Some gas is added to the same container, and the temperature is increased to 50.°C. If the pressure increases to 800. torr,

Calculate the equilibrium level of income or real gdp : Calculate the equilibrium level of income or real GDP for this economy. b. What happens to equilibrium Y if I changes to 10? What does this outcome reveal about the size of the multiplier?

How many ecor1 cut sites are present in lsu1 : Linear double stranded DNA- sample LSU1- is digested with 2 restriction endonucleases (separately and together) and the following bands are observed after electrophoresis ( quantities represent length in bp): BamH1:1,9 and 13.5;EcoR1: 3, 3.5, 4, a..

User Account

All Pages