A Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. Prepare journal entries to record the first two interest payments. (Round your answers to the nearest dollar amount.) Record the interest payment and discount amortization on June 30, 2021. Note: Enter debits before credits.

Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Dec. 31, 2019 ec. 31, 2020 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Debit 760,000 68400 50023 Credit 760,000 118423

On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Bramble’s year-end is December 31.     Prepare the journal entry 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 enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount   enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount   eTextbook and Media List of Accounts         Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an…

On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be repaid over four years in monthly installments of $5,000. What would be the proper balance sheet presentation of this transaction at December 31, year 2020. Show it: The Current Portion of the Long-Term Debt and the Long-Term Debt.

On the first day of the fiscal year, a company issues a $970,000, 12%, 10-year bond that pays semiannual interest of $58,200 ($970,000 x 12% x 1/2), receiving cash of $1,018,500. Journalize the entry for the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -     - Select - - Select -

The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note payable of 14% interest. The company uses the accounting period on a quarterly basis. Required: Prepare the journal entries needed to record the issuance of the debt, recognize interest expense, and pay off the debt as it matures. Note: Include the current method of processing and the excel formula

44. Subject:- Accounting  Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments.

Waterway Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1. 2. $32,400 six-month, 6% note issued January 1, 2024. $12,000 three-month, 4% note issued April 30, 2024. Interest is payable at maturity for both notes. (a) Calculate the accrued interest on both notes at May 31, 2024. (Round answers to the nearest whole dollar, e.g. 5,275.) Note 1: Note 2: Total accrued interest $

On September 1,2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $2691000, bearing interest at 9%, and payable in three equal annual principal payments of $897000. On this date, the bank's prime rate was 10%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Sunland should record accrued interest payable of O $89700. O $80730. O $179400, O $53820.

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable