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15. ABC Company Issues $100,000 of 30 year 5% bonds at 102. What entry is used to record this transaction?: * Oa. Debit cash 102,000, credit bonds payable 102,000 Ob. Debit cash 102,000, credit bonds payable 100,000 and credit premium on bonds payable 2,000 Oc. Debit cash 100,000, debit premium on bonds payable 2,000 and credit bonds payable 102,000 Od. Debit bonds payable 100,000, debit premium on bonds payable 2,000 and credit cash 102,000 Oe. Debit cash 100,000, credit bonds payable 100,000 16. X Company uses a periodic Inventory system. The following units of a particular Item were purchased and sold during the period: Beginning Inventory First sale First purchase Second sale Second purchase 50 units at $15 35 units 20 units at $16 30 units 15 units at $17 What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the FIFO costing method?: * O a. $15 b. $16 O c. $17 Od. $15 and $16 Oe. $16 and $17 17. On January 1, 2014, Z Company issues $1 million of 10 year bonds at 98 with 4% Interest payable semiannually. What Is the value of the bonds payable account on December 31, 2014? (Please note that this question is NOT asking for the carrying value of the bonds.): O a. $980,000 Ob. $990,000 Oc. $1,000,000 Od. $1,018,000 Oe. $1,020,000

15. ABC Company Issues $100,000 of 30 year 5% bonds at 102. What entry is used to record this transaction?: * Oa. Debit cash 102,000, credit bonds payable 102,000 Ob. Debit cash 102,000, credit bonds payable 100,000 and credit premium on bonds payable 2,000 Oc. Debit cash 100,000, debit premium on bonds payable 2,000 and credit bonds payable 102,000 Od. Debit bonds payable 100,000, debit premium on bonds payable 2,000 and credit cash 102,000 Oe. Debit cash 100,000, credit bonds payable 100,000 16. X Company uses a periodic Inventory system. The following units of a particular Item were purchased and sold during the period: Beginning Inventory First sale First purchase Second sale Second purchase 50 units at $15 35 units 20 units at $16 30 units 15 units at $17 What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the FIFO costing method?: * O a. $15 b. $16 O c. $17 Od. $15 and $16 Oe. $16 and $17 17. On January 1, 2014, Z Company issues $1 million of 10 year bonds at 98 with 4% Interest payable semiannually. What Is the value of the bonds payable account on December 31, 2014? (Please note that this question is NOT asking for the carrying value of the bonds.): O a. $980,000 Ob. $990,000 Oc. $1,000,000 Od. $1,018,000 Oe. $1,020,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 7MCQ
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15. ABC Company Issues $100,000 of 30 year 5% bonds at 102. What entry is used to record this transaction?: * O a. Debit cash 102,000, credit bonds payable 102,000 O b. Debit cash 102,000, credit bonds payable 100,000 and credit premium on bonds payable 2,000 Oc. Debit cash 100,000, debit premium on bonds payable 2,000 and credit bonds payable 102,000 Od. Debit bonds payable 100,000, debit premium on bonds payable 2,000 and credit cash 102,000 Oe. Debit cash 100,000, credit bonds payable 100,000 16. X Company uses a periodic inventory system. The following units of a particular Item were purchased and sold during the period: Beginning Inventory First sale First purchase Second sale Second purchase 50 units at $15 35 units 20 units at $16 30 units 15 units at $17 What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the FIFO costing method?: * O a. $15 O b. $16 O c. $17 Od. $15 and $16 Oe. $16 and $17 17. On January 1, 2014, Z Company Issues $1 million of 10 year bonds at 98 with 4% Interest payable semlannually. What is the value of the bonds payable account on December 31, 2014? (Please note that this question is NOT asking for the carrying value of the bonds.): * O a. $980,000 O b. $990,000 Oc. $1,000,000 Od. $1,018,000 Oe. $1,020,000
Transcribed Image Text:15. ABC Company Issues $100,000 of 30 year 5% bonds at 102. What entry is used to record this transaction?: * O a. Debit cash 102,000, credit bonds payable 102,000 O b. Debit cash 102,000, credit bonds payable 100,000 and credit premium on bonds payable 2,000 Oc. Debit cash 100,000, debit premium on bonds payable 2,000 and credit bonds payable 102,000 Od. Debit bonds payable 100,000, debit premium on bonds payable 2,000 and credit cash 102,000 Oe. Debit cash 100,000, credit bonds payable 100,000 16. X Company uses a periodic inventory system. The following units of a particular Item were purchased and sold during the period: Beginning Inventory First sale First purchase Second sale Second purchase 50 units at $15 35 units 20 units at $16 30 units 15 units at $17 What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the FIFO costing method?: * O a. $15 O b. $16 O c. $17 Od. $15 and $16 Oe. $16 and $17 17. On January 1, 2014, Z Company Issues $1 million of 10 year bonds at 98 with 4% Interest payable semlannually. What is the value of the bonds payable account on December 31, 2014? (Please note that this question is NOT asking for the carrying value of the bonds.): * O a. $980,000 O b. $990,000 Oc. $1,000,000 Od. $1,018,000 Oe. $1,020,000
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