Question: please help with journal entry. Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%,11year bonds with a face amount of $90,000

please help with journal entry.

Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%,11year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessaryjournal entry for the issuance of the bonds by selecting the account names from the dropdown menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select \"No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the rst semi-annual interest payment for 7%, 11-year bonds with a face value of $90,000. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

When bonds issue at face amount, the carrying value and the corresponding interest expense remainconstant over time. When bonds issue at a discount (below face amount), the carrying value and the...

Knowledge Check 01 On January 1 Year 1. St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June...

Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on...

can you please show the work Knowledge Check 01 On January 1, Year 1. St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%....

Account for the issuance of bonds 9of12 Knowledge Check 2 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,501. The market interest rate for...

Knowledge Check o1 On January 1, Year 1, St Clar Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8\% interest is paid semiannually on June...

Please show the answers with steps, thank you Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. (1) Required...

On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December...

Knowledge Check 0 1 On January 1 , Year 1 , St . Clair Corporation issues 7 % , 1 1 - year bonds with a face amount of $ 9 0 , 0 0 0 for $ 8 3 , 4 9 7 . The market interest rate is 8 % . Interest is...

developed reserves are 25,000 barrels. Production during 2019 totaled 5 0 barrels, which sold for $80/bbl. Ignore severance tax and assume Gene pays the royalty interest and ORI owners. REQUIRED: a....

What total cash charitable contributions amount will you enter into your return preparation software for Billy and Bobby? (Ignore any statutory limitations on annual amounts.) Here is Billy and...

Write a short note on the techniques of forecasting.

In recent years, there has been an explosion of British families buying either holiday homes or per-manent homes overseas or in mainland Europe. Spain, France, Cyprus, and Florida are popular...

The relevance of the information to the interpreter

The first-hand information rule: If an event is communicated to us by someone who witnessed an event at first-hand, we will have more confidence in the information than if we were told about it by...

The background knowledge of the interpreter