1. The journal entry to record the bond issue is A. Cash 303,600 Bonds Payable 303,600...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. The journal entry to record the bond issue is A. Cash 303,600 Bonds Payable 303,600 B. Cash 303,600 Bonds Payable 300,000 Premium on Bonds Payable C. Bonds Payable 3,600 303,600 Cash 300,000 Premium on Bonds Payable 3,600 D. Cash 300,000 Bonds Payable 300,000 2. What is the amortization of the bond premium from February 1 to July 31? (Assume that straight-line amortization is used.) A. $15 c. $90 B. $60 D. $150 3. The entry to record the accrued interest on July 31, 2004, would be A. Bond Interest Expense Bond Interest Payable 9,000 9,000 B. Bond Interest Payable Bond Interest Expense C. Bond Interest Expense Bond Interest Payable D. Bond Interest Payable Bond Interest Expense 9,000 9,000 6,000 6,000 6,000 6,000 1. The journal entry to record the bond issue is A. Cash 303,600 Bonds Payable 303,600 B. Cash 303,600 Bonds Payable 300,000 Premium on Bonds Payable C. Bonds Payable 3,600 303,600 Cash 300,000 Premium on Bonds Payable 3,600 D. Cash 300,000 Bonds Payable 300,000 2. What is the amortization of the bond premium from February 1 to July 31? (Assume that straight-line amortization is used.) A. $15 c. $90 B. $60 D. $150 3. The entry to record the accrued interest on July 31, 2004, would be A. Bond Interest Expense Bond Interest Payable 9,000 9,000 B. Bond Interest Payable Bond Interest Expense C. Bond Interest Expense Bond Interest Payable D. Bond Interest Payable Bond Interest Expense 9,000 9,000 6,000 6,000 6,000 6,000
Expert Answer:
Answer rating: 100% (QA)
1 The bonds were issued at 303600 which is 3600 more than the par value of 300000 Cash 303600 debi... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Posted Date:
Students also viewed these accounting questions
-
What accounts are involved in the journal entry to record the issuance of stock at a price above the par value of the stock?
-
OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the notes maturity. What will be the total payment on October 31, 2008?
-
Lush Gardens Co. bought a new truck for $52,000. It paid $4,680 of this amount as a down payment and financed the balance at 4.56% compounded semi-annually. If the company makes payments of $1,800 at...
-
A charge q is placed a distance from the origin, and a charge 2q is placed a distance 2r. There is a charge Q at the origin. If a charges are positive, which charge is at the higher potential? A q B)...
-
Leslie Manufacturing Company purchased land adjacent to its factory for the installation of a holding area for equipment. Expenditures by the company were as follows: purchase price, $ 173,000;...
-
The price-earnings ratio for the common stock of Benoit Company was 10 at December 31, the end of the current fiscal year. What does the ratio indicate about the selling price of the common stock in...
-
Explain the relationship between Health and Safety guidance and event management accounting decisions.
-
Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement...
-
60 60 70 -70 - 80 90 100 110 120 a Based on the graph of this normal distribution, a. The mean is b. The median is c. The mode is d. The standard deviation is Question 1
-
The function (AB) is to be realized using only 2-input NAND gates. The minimum number of 2-input NAND gates required for such a realization is
-
Given that F(s) = 2(s+ 1) Calculate L{u(t 3)f(t 3)}
-
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company s costs: Fixed Cost per Month...
-
How do social mobility patterns vary across different welfare regimes and policy interventions, and what factors contribute to the persistence or disruption of intergenerational mobility ?
-
Given log 108 0.9031, find the logarithm log 10800
-
What is Media Violence and Aggression in regard to SOCIAL PSYCHOLOGY? What is the Implicit Association Test in regard to SOCIAL PSYCHOLOGY? What is Social Facilitation in SOCIAL PSYCHOLOGY? What is...
-
What are some concepts of social psychology, if so if self-identity one concept of social psychology? 2.What is critical social psychology?
-
1.11 Effect of Industry Characteristics on Financial Statement Relations. Effective financial statement analysis requires an understanding of a firm's eco- nomic characteristics. The relations...
-
The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N
-
Parisian Imports buys furniture and dcor items from France and sells them to retailers. Erin Moreland is the general manager of the company. Moreland employs two other people in the business. Nadine...
-
Calculate trend percentages for Blueberry Valley Sales & Services total revenue and net income for the following five-year period, using year 0 as the base year. Round to the nearest full percent....
-
The accounting records of Burgess Foods, Inc., include the following items at December 31, 2018: Requirements 1. Show how each relevant item would be reported on the Burgess Foods classified balance...
-
When an investment bank underwrites an issue of new shares, it charges the issuing company a commission. How is this commission analysed using options theory?
-
What purpose does a Dutch clause serve?
-
What power does a shareholder with a blocking minority have?
Study smarter with the SolutionInn App