Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due
Question:
Instructions
Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Cash 8820000 Discount on Bonds Payable 02 X 9000000 1...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
In unadjusted trial balance, freehold land (at cost) is 148,000, office building (at cost) is 360,000, accumulated depreciation -office building of 86,400 and administrative expense is 45,300...
-
A debt of $11000 due in 10 years from now is to be paid by a payment of $2750 now, $1750 in 2 years and a final payment 8 years from now. What would this payment be if an interest rate of 6%...
-
Prepare the general journal entries necessary to record the following selected transactions of the General Fund of the City of Roxyville. 1. Property taxes of $ 4,000,000 were levied. The city...
-
Mr. D. Duck, a sole trader has not maintained proper accounting records during the year. He provides you with bank statements that show payments to suppliers of 86,167. You determine that the opening...
-
Apply nodal analysis to the circuit in Fig. 10.60 and determine Io. Io 2 2 2I j8
-
A 1, 6-Methanonaphthalene has an interesting 1 H NMR spectrum in which the eight hydrogen?s around the perimeter absorb at 6.9 to 7.3 ?, while the two CH 2 protons absorb at ?0.5 ?. ?Tell whether it...
-
What makes a system, product, or service unique?
-
The following situations involve the provision of nonaudit services. Indicate whether providing the service is a violation of AICPA rules or SEC rules including Sarbanes-Oxley requirements on...
-
Can someone help me explaining the questions with examples of the following: Understanding Decision-Making as a Process Decision-Making and Problem Solving as a Process Decision-Making as...
-
Farmer Jones must determine how many acres of com and wheat to plant this year. An acre of wheat yields 25 bushels of wheat and requires 10 hours of labor per week. An acre of corn yields 10 bushels...
-
Karen Austin Inc. has issued three types of debt on January 1, 2014, the start of the companys fiscal year. (a) $10 million, 10-year, 15% unsecured bonds, interest payable quarterly. Bonds were...
-
On June 30, 2006, County Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2014. Because of lower...
-
In Exercises 1738, use the vertex and intercepts to sketch the graph of each quadratic function. Give the equation of the parabolas axis of symmetry. Use the graph to determine the functions domain...
-
When might visitation arrangements trigger an adjustment in support?
-
What views do courts hold on the question of whether adultery can be defined to include extramarital same-sex relationships?
-
How do guidelines treat the situation where an obligor wants to pay less to his first family because he now has a second family with minor children?
-
What is a legal separation? How does an action for separate maintenance differ from a legal separation?
-
What concerns have supporters of no-fault divorce raised about present efforts to reform/eliminate no-fault divorce?
-
Let T(x, y, z) denote temperature at each point in space. Draw level surfaces (also called isotherms) corresponding to the fixed temperatures given. T(x,y,z) = x - y + 2, T = 0, 1, 2,-1, -2
-
What is an insurable interest? Why is it important?
-
Describe the ways in which intelligence is measured, and comment on the controversy over its measurement.
-
Access the glossary (Master Glossary) to answer the following. (a) What is the definition of basic earnings per share? (b) What is dilution? (c) What is a warrant? (d) What is a grant date?
-
For how many periods must a company present EPS data?
-
For each period that an income statement is presented, what must a company disclose about its EPS?
-
An investment offers the following cash flows: $554 today, $182 one year from now, $482 in 2 years, and $793 in 3 years. If the relevant interest rate is 7% per year (an APR, with interest compounded...
-
What is the internal rate of return (IRR) for a project that costs $5,500 and is expected to generate $1,800 per year for the next four years? If the firm's required rate of return is 8 percent, what...
-
Assume B Corporation has $375,000 of Ordinary Income from its operations, $75,000 of interest received from its investments on bonds from Z firm. Also, it received $50,000 of dividends from a...
Study smarter with the SolutionInn App