Record the required general journal entries for the following three situations on the journal forms provided.......
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Record the required general journal entries for the following three situations on the journal forms provided.... make sure to place your entries on the designation locations. On June 1, 2007, The Littoo Corp issued $ 600,000 of 5%, 3 year regular serial bonds at 100. The bonds were available on Jan. 1, 2007. Interest is payable semi-annually on June 30, and Dec. 31. 06-01-07 06-30-07 Record the bond issue. Record the semi-annual interest payment. 12-31-07 Record the semi-annual interest payment. 01-01-08 Record the scheduled bond redemption. 06-30-08 Record the semi-annual interest payment. 12-31-08 Record the semi-annual interest payment. 01-01-09 Record the scheduled bond redemption. 06-30-09 Record the semi-annual interest payment. 12-31-09 Record the semi-annual interest payment. 01-01-10 Record the scheduled bond redemption. Problem No. 2 On Feb. 1, 2001, the Georgupp Corp. issued $1,000,000 of 6%, 10 year callable term bonds at 104. The bonds were available on Jan. 1, 2001. Interest is payable semi-annually on June 30, and Dec. 31, and are recallable at 102. 02-01-01 Record the bond issue. 06-30-01 Record the semi-annual interest payment. 12-31-01 Record the semi-annual interest payment. 06-30-02 Record the semi-annual interest payment. 12-31-02 Record the semi-annual interest payment. 06-30-03 Record the semi-annual interest payment. 07-01-03 25% of the bonds are recalled. 12-31-03 Record the semi-annual interest payment. 01-01-11 Record the scheduled bond redemption. Problem No. 3 On Apr. 1, 2000, the Garwa Corp. issued $2,000,000 of 4%, 5 year callable term bonds at 97. The bonds were available on Jan. 1, 2000. Interest is payable semi-annually on June 30, and Dec. 31, and are recallable at 104. 04-01-00 Record the bond issue. 06-30-00 Record the semi-annual interest payment. 12-31-00 Record the semi-annual interest payment. 01-01-01 40% of the bonds are recalled. 06-30-01 Record the semi-annual interest payment. 01-01-05 Record the scheduled bond redemption. Record the required general journal entries for the following three situations on the journal forms provided.... make sure to place your entries on the designation locations. On June 1, 2007, The Littoo Corp issued $ 600,000 of 5%, 3 year regular serial bonds at 100. The bonds were available on Jan. 1, 2007. Interest is payable semi-annually on June 30, and Dec. 31. 06-01-07 06-30-07 Record the bond issue. Record the semi-annual interest payment. 12-31-07 Record the semi-annual interest payment. 01-01-08 Record the scheduled bond redemption. 06-30-08 Record the semi-annual interest payment. 12-31-08 Record the semi-annual interest payment. 01-01-09 Record the scheduled bond redemption. 06-30-09 Record the semi-annual interest payment. 12-31-09 Record the semi-annual interest payment. 01-01-10 Record the scheduled bond redemption. Problem No. 2 On Feb. 1, 2001, the Georgupp Corp. issued $1,000,000 of 6%, 10 year callable term bonds at 104. The bonds were available on Jan. 1, 2001. Interest is payable semi-annually on June 30, and Dec. 31, and are recallable at 102. 02-01-01 Record the bond issue. 06-30-01 Record the semi-annual interest payment. 12-31-01 Record the semi-annual interest payment. 06-30-02 Record the semi-annual interest payment. 12-31-02 Record the semi-annual interest payment. 06-30-03 Record the semi-annual interest payment. 07-01-03 25% of the bonds are recalled. 12-31-03 Record the semi-annual interest payment. 01-01-11 Record the scheduled bond redemption. Problem No. 3 On Apr. 1, 2000, the Garwa Corp. issued $2,000,000 of 4%, 5 year callable term bonds at 97. The bonds were available on Jan. 1, 2000. Interest is payable semi-annually on June 30, and Dec. 31, and are recallable at 104. 04-01-00 Record the bond issue. 06-30-00 Record the semi-annual interest payment. 12-31-00 Record the semi-annual interest payment. 01-01-01 40% of the bonds are recalled. 06-30-01 Record the semi-annual interest payment. 01-01-05 Record the scheduled bond redemption.
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SOLUTION Here are the journal entries for each of the three problems Problem No 1 060107 Bond Issue ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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