3rd - Ch 11 Exercises Entries for issuing and calling bonds; loss Instructions Chart of Accounts Journal Instructions Hoover Corp., a wholesaler of music equipment, issued $30,500,000 of 20-year, 10% callable bonds on March 1, 2012, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 ording of account titles. Score: 41/51 ACCOUNTING EQUAT EBIT CREDIT ASSETS LIABILITIES Mar. 1 Issued the bonds for cash at their face amount. 30,500,000.00 Sept. 1 Paid the interest on the bonds. 30,500,000.00 20Y4 5,000.00 Sept. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) 5,000.00 Check My Work 0 more Check My Work uses remaining. Previous Next 3rd - Ch 11 Exercises Entries for issuing and calling bonds; loss Instructions Chart of Accounts Journal Instructions Journal Journalize the entries to record the transactions for the 20Y2. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? 1 DATE 2 3 Mar. 2 Cash Bonds Payable Sep. 2 Interest Expense Cash DESCRIPTION Check My Work 0 more Check My Work uses remaining. JOURNAL Score: 41/51 ACCOUNTING EQUAT POST. REF. DEBIT CREDIT ASSETS LIABILITIES 30,500,000.00 30,500,000.00 1,525,000.00 1,525,000.00 Previous Next 3rd - Ch 11 Exercises Entries for issuing and calling bonds; loss Instructions Instructions Journal Chart of Accounts Journal Journalize the entries to record the transactions for the 20Y4. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? 1 DATE 2 3 Sep. 4 Bonds Payable DESCRIPTION Loss on Redemption of Bonds Cash Check My Work 0 more Check My Work uses remaining. JOURNAL Score: 32/37 Points: ACCOUNTING EQUAT POST. REF. DEBIT CREDIT ASSETS 30,500,000.00 LIABILITIES 610,000.00 31,110,000.00 Previous Next