Question: Answer the entire question and leave formatting the same. All possible journal entries: -No journal entry required -Accounts Payable -Accounts Receivable -Accumulated Depreciation -Advertising Expense
Answer the entire question and leave formatting the same.






















All possible journal entries:
-No journal entry required
-Accounts Payable
-Accounts Receivable
-Accumulated Depreciation
-Advertising Expense
-Allowance for Uncollectible Accounts
-Bad Debts Expense
-Bonds Payable
-Cash
-Convertible Bonds Payable
-Depreciation Expense
-Discount in Debt Issue Costs
-Discount on Bonds Payable
-Discount on Notes Payable
-Discount on Notes Receivable
-Equity- Stock Warrants
-Fair Value Adjustment
-Furniture and Fixtures
-Gain on Disposition of Assets
-Gain on Early Extinguishment
-Gain on Troubled Debt Restructuring
-Income Summary
-Income Tax Expense
-Income Tax Payable
-Insurance Expense
-Interest Payable
-Interest Receivable
-Investment in Stock Warrants
-Land
-Loss on Early Extinguishment
-Loss on Early Sale of Investment
-Maintenance Expense
-Miscellaneous Expense
-Notes Payable
-Notes Receivable
-Premium on Bonds Payable
-Prepaid Advertising
-Prepaid Insurance
-Prepaid Rent
-Retained Earnings
-Salaries and Wages Expense
-Salaries and Wages Payable
-Sales Revenue
-Unrealized Holding Gain- NI
-Unrealized Holding Gain- OCI
-Unrealized Holding Loss- NI
-Unrealized Holding Loss- OCI
-Utilities Expense
-Utilities Payable
On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 1 Req 2 Western Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 > Record the issuance of the bonds by Western Communications. Note: Enter debits before credits. General Journal Date Debit Credit April 01, 2018 Clear entry Record entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillwortth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers n the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list ournal entry workshee 2 3 4 6 7 8 10 1 Record interest expense for Western Communications. Note: Enter debits before credits. Debit Credit Date General Journal August 31, 2019 Record entry lear entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 4 5 7 10 Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Record entry Clear entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 10 Record interest expense for Western Communications Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2020 Clear entry View general journal Record entry On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet K 3 4 5 6 7 8 9 10 1 2 Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Credit Debit August 31, 2020 Record entry Clear entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 record all subsequent events related to the bonds through maturity. (If Prepare the journal entries for Western Communications, Inc., no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 3 4 6 7 8 10 Record interest expense for Western Communications. Note: Enter debits before credits. Credit Date General Journal Debit December 31, 2020 Record entry Clear View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet K 1 2 3 4 5 7 6 8 9 10 Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2021 Record entry Clear entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds , dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet K 1 2 3 4 6 7 10 Record the retirement of the bond by Western Communications. Note: Enter debits before credits. Credit Date General Journal Debit February 28, 2021 View general journal Record entry Clear entry On April 1, 2018, Western Communications, Inc., issued 12 % bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 1 Req 2 Western Prepare the journal entries for Stillworth Corporation to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 3 5 6 7 8 9 10 1 4 Record interest revenue for Stillworth Corporation Note: Enter debits before credits. Date General Journal Debit Credit August 31, 2018 Record entry Clear entry View general journal On April 1, 2018, Western Communications, Inc., issued 12% bonds, dated March 1, 2018, with face amount of $44 million. The bonds sold for $43.3 million and mature on February 28, 2021. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $44,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2018. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Req 2 Stillworth Req 2 Western Req 1 Prepare the journal entries for Stillworth Corporation to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
