Elastic Ltd intended to raise funds to launch their product in a new state. Elastic Ltd...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Elastic Ltd intended to raise funds to launch their product in a new state. Elastic Ltd decided to issue 15,000 x $100 debentures on 1 November 2017. Required: Prepare general journal entries to record the above. Elastic Ltd had on issue 15,000 x $100 debentures at 30 June 2017. Using profits from their new expanded business, Elastic Ltd took the opportunity to purchase 8,000 of the debentures at a price of $102 each on 1 July 2017. Required: Prepare general journal entries including closing journals to record the above. Elastic Ltd decided to redeem the remaining 7,000 x $100 debentures on 1 March 2018 for $97.50 per $100. Required: Prepare general journal entries including closing journals to record the above. Elastic Ltd intended to raise funds to launch their product in a new state. Elastic Ltd decided to issue 15,000 x $100 debentures on 1 November 2017. Required: Prepare general journal entries to record the above. Elastic Ltd had on issue 15,000 x $100 debentures at 30 June 2017. Using profits from their new expanded business, Elastic Ltd took the opportunity to purchase 8,000 of the debentures at a price of $102 each on 1 July 2017. Required: Prepare general journal entries including closing journals to record the above. Elastic Ltd decided to redeem the remaining 7,000 x $100 debentures on 1 March 2018 for $97.50 per $100. Required: Prepare general journal entries including closing journals to record the above.
Expert Answer:
Answer rating: 100% (QA)
Issuance of 15000 x 100 debentures on 1 November 2017 Debtor Cash 15000 x 100 1500000 Credit Debentu... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
Prepare general journal entries to record the transactions below for Dexter Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; M....
-
Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K....
-
Prepare General Journal entries to record the following August 2014 transactions of a new business called The Pixel Shop. Aug. 1 Joseph Eetok, the owner, invested $20,000 cash and photography...
-
Elgin Company has recently introduced budgeting as an integral part of its corporate planning process. An inexperienced member of the accounting staff was given the assignment of constructing a...
-
Why is the idea of a standard network protocol, such as the OSI reference model, important? What are the advantages and disadvantages of developing a single standard protocol?
-
Peanut Company acquired 8 0 percent of Snoopy Company s outstanding common stock for $ 2 6 9 , 6 0 0 on January 1 , 2 0 X 8 , when the book value of Snoopy s net assets was equal to $ 3 3 7 , 0 0 0 ....
-
Explain events and their importance in dynamic modeling.
-
Liquid water enters a 25-kW pump at 100-kPa pressure at a rate of 5 kg/s. Determine the highest pressure the liquid water can have at the exit of the pump. Neglect the kinetic and potential energy...
-
A company using the perpetual inventory system purchased inventory worth $12.000 on account with credit terms of 1/15, 30 Detective inventory was received, but instead of a return, an allowance of...
-
Refer to Exercise 29 of Section 4.2. For what values of h will a sensitivity analysis on the effect of a change of h pounds of peat be valid? In exercise A lawn and garden store creates three...
-
Calculate the profit margin per unit of the Drinkworks machine, at a price of $199, $249, and $299. Show and explain your calculations. Keep in mind that Keurig is NOT a retailer, and thus you have...
-
Shulman's model of pedagogic reasoning . 1.4 Identify the stage of Shulman's Model of Pedagogic Reasoning and Action for each of the following characteristics: (5) 1.4.1 At this stage of the cycle...
-
a- Subgraph induced by <1,4,3> b- trail from 6 to 2 of length 6 c- circuit of length 4 d- path from 4 to 5 of length 4 e- odd cycle f-Is the graph bipartite? g- Is the graph complete? h- Is the graph...
-
month stock A market 1 -0.54% -1.96% 2 6.42% 3 3.13% -0.52% 3.42% 5.37% 4 5 6 7.49% 1.88% 0.47% 3.79% 6.81% The average monthly return of stock A and the market are determine the varience of monthly...
-
(i) a 30.15 = 6 (iii) (ii) The actuarial present value of a 16 year temporary increasing life annuity-due on (30) providing a first payment of 5000 and subsequent annual payments increasing 1000 per...
-
Fill the boxes Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term notes payable Income Statement Sales (All Credit) Cost of goods sold...
-
Terps Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM/NRV is applied to each separate product line, what is the...
-
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in turn, holds 60 percent of Clevelands outstanding stock. No excess amortization resulted from these...
-
The following information comes from the accounts of Sawyer Company: Required a. There were $160,000 in sales on account during the accounting period. Write offs of uncollectible accounts were...
-
The following information pertains to Smith Woodwork Co.s ending inventory for the current year: Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied...
-
The following transactions pertain to the operations of Blair Company for 2013: 1. Acquired $30,000 cash from the issue of common stock. 2. Performed services for $12,000 cash. 3. Paid a $7,200 cash...
-
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2017. 2017 March 1 Started in business with 8,000 in the bank. 2 Bought goods on time...
-
Record the following details relating to a carpet retailer for the month of November 2017 and extract a trial balance as at 30 November 2017. 2017 Nov 1 Started in business with 15,000 in the bank. 3...
-
Record the following transactions for the month of January of a small finishing retailer, balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Jan 1 Started in...
Study smarter with the SolutionInn App