The first day of the fiscal year, a company issues an $700,000, 6%, 10-year bond that pays
Question:
The first day of the fiscal year, a company issues an $700,000, 6%, 10-year bond that pays semiannual interest of $21,000 ($700,000 × 6% × ½ year), receiving cash of $700,000. Journalize the entries to record
(a) The issuance of the bonds,
(b) The first interest payment on June 30, and
(c) The payment of the principal on the maturity date.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 44% (9 reviews)
a The issuance of the bonds Cash ac Bank ac 700000 ...View the full answer
Answered By
Prashant Sharma
As I am DBF fro IUT , I have caliber to teach and full fill all academic needs like in teaching and training all the relevant subjects,preparations of assignments preparations of exams and any other problems related to educations, I give you very updated guidances and directions to our esteemed students.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
On January 1, 2014 (the first day of its fiscal year) GPL Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as...
-
Why did the framers of the Constitution not originally have a Bill of Rights in the document? Group of answer choices They believed it was unnecessary since most state constitutions already protected...
-
On the first day of the fiscal year, a company issues a $1,000,000, 11%, 10-year bond that pays semiannual interest of $55,000 ($1,000,000 11% ), receiving cash of $942,646. Journalize the bond...
-
PMOs should help to ensure that organizations use the resources in the best way. This contributes to: Group of answer choices Effective use or organizations and alignment Effectiveness, efficiency,...
-
A railroad provides passenger and freight service. The table shows the long-run total annual costs TC(F, P), where P measures the volume of passenger traffic and F the volume of freight traffic. For...
-
Graph f (x) = (x 3) 4 2 using transformations.
-
The trial balance of Alpha Advertising, Inc., at November 30, 2010, and the data needed for the month-end adjustments follow: a. Insurance coverage still remaining at November 30, $300. b. Supplies...
-
Durable Tire manufactures tires for all-terrain vehicles. Durable Tire uses job costing and has a perpetual inventory system. On November 22, Durable Tire received an order for 100 TX tires from ATV...
-
Samuel Davis Ltd. from the United States of America wants to export to Syarikat MMM Berhad but is concerned about the repayment capabilities of Syarikat MMM Berhad. Discuss how a commercial bank may...
-
On January 1, the Wiek Company contracted with its president, T. Mae, to make a single deposit immediately to establish a fund with a trustee that pays Mae $40,000 per year for each of the three...
-
Stone Energy Corporations 7.5% bonds due in 2022 were reported as selling for 77.00. Were the bonds selling at a premium or at a discount? Why is Stone Energy Corporation able to sell its bonds at...
-
O'Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran Inc. issued $32,000,000 of Six-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of...
-
Suppose the exchange rate between the Danish krone and the U.S. dollar is 7 DKK = $1 and the exchange rate between the Chilean peso and the U.S. dollar is 650 CLP = $1. a. Express both of these...
-
Weekly team metrics job sat absence quality output score rate score score week 1 1 3.50 0.06 0.88 8. 2 3.40 0.03 0.90 9 3 3.30 0.07 0.87 8 4 3.60 0.05 0.89 10 5 4.20 0.02 0.83 9 6 4.00 0.03 0.90 9 7...
-
What is the role of endocrine signaling in regulating homeostatic processes, and how do disruptions in hormone balance contribute to homeostatic imbalance and disease states ?
-
Chen originally paid $47,500 for units of North Star Investments (a Canadian Mutual Fund Company) and received a total of $8,520 in dividends over the five years that she held the fund. Each year...
-
a) to buy a house a borrower can obtain a $605,000 loan amortised over 30 years at 3.56% annual interest with monthly payments. Alternatively, she could obtain a $745,000 loan at 5.15% annual...
-
Several resources can help you make an investment plan. Explain the difference between a financial institution, a qualified financial planner, software, and digital apps and how they help with making...
-
Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows: 1. Outstanding cheques were #421 for $165, #485 for $265, #492...
-
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
-
(Effective-Interest Method) Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method. Furthermore, she...
-
(Debtor/Creditor Entries for Continuation of Troubled Debt) Daniel Perkins is the sole shareholder of Perkins Inc., which is currently under protection of the U.S. bankruptcy court. As a debtor in...
-
(Debtor/Creditor Entries for Continuation of Troubled Debt) Daniel Perkins is the sole shareholder of Perkins Inc., which is currently under protection of the U.S. bankruptcy court. As a debtor in...
-
Industry and Competition Analysis Learn as much as possible about the industry which the company aspires to enter. Be explicit on how you define your client's market, who the customers are, and who...
-
Now that you updated the written communication for the "New Procedures," in 200-250 words, describe the best channels to use for distributing the updated message to promote its reception and maximize...
-
Complete the provided table by finding the appropriate information and data points for each identified category using course and external resources. Then explain the insight that each selected...
Study smarter with the SolutionInn App