(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Texthonk and Media Debit Credit
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- Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable annually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of discount D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of discountEdward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discountVolunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $540,000. Interest is payable annually. The premium is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium
- Crane Inc. issues $250,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 1 Account Titles and Explanation eTextbook and Media List of Accounts Debit CreditBramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount…Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 1 Debit Credit
- 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…Monty Corp. issued 1,900 S, Pvear, L000 bonds dated January 1. 2022. at face value, Iterest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatic Date Account Titles and Explanation Det Cedit Tan. 1, 2022 () Propare tme aguting oumai entry on Decemner 31, 2022, to recort interest experse. (Creit accont tities are am Dete Aont tiles ad Lulanatim Debit Credik Dee. 31, 2022 () Prepare the poumal entry on tanuary 1, 3021, ta record interest pat. (Credit account tities are automsatically anden Date KOnt Tiles and tlanation Credit Jan. 1, 2023On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruce’s year-end is December 31. (a) 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 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount
- Clooney Corporation issued 3,000 7%, 5-year, $1.,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 (c) Prepare the journal entry on January 1, 2023, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023Blossom Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit CreditSunland Company issues $220,000, 20-year, 8% bonds at 103. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit
