Question: Please help me with these exercises. On August 1, 2014, Ortega Corporation issued $670,800,9%,10-year bonds at face value. Interest is payable annually on August 1.
Please help me with these exercises.
On August 1, 2014, Ortega Corporation issued $670,800,9%,10-year bonds at face value. Interest is payable annually on August 1. Ortega's year-end is December 31.
Warning
Don't show me this message again for the assignment
OkCancel
Prepare journal entries to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Warning
Don't show me this message again for the assignment
OkCancel
Show List of Accounts
Link to Text
Prepare journal entries to record the accrual of interest on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Warning
Don't show me this message again for the assignment
OkCancel
Show List of Accounts
Link to Text
Prepare journal entries to record the payment of interest on August 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Warning
Don't show me this message again for the assignment
OkCancel
On August 1, 2014, Ortega Corporation issued $670,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Ortega's year-end is December 31. Don't show me this message again for the assignment Prepare journal entries to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare journal entries to record the accrual of interest on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec. 31 Don't show me this message again for the assignment Show List of Accounts Link to Text Credit Prepare journal entries to record the payment of interest on August 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Aug. 1 Don't show me this message again for the assignment Credit During the month of March, Olinger Company's employees earned wages of $61,700. Withholdings related to these wages were $4,720 for Social Security (FICA), $7,230 for federal income tax, $2,989 for state income tax, and $386 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $675 for state unemployment tax. Don't show me this message again for the assignment Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Don't show me this message again for the assignment On August 1, 2014, Ortega Corporation issued $670,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Ortega's year-end is December 31. Don't show me this message again for the assignment Prepare journal entries to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare journal entries to record the accrual of interest on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec. 31 Don't show me this message again for the assignment Show List of Accounts Link to Text Credit Prepare journal entries to record the payment of interest on August 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Aug. 1 Don't show me this message again for the assignment Credit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help