Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay interest quarterly. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds?   DR     DR/CR ?     CR       What is the journal entry to record the first quarterly interest payment? (Note: Do not consider the premium or discount.)   DR     CR

Prepare the appropriate journal entries for each of the following transactions in 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. On January 1, 2014, Carla Vista Cells issued bonds with a face value of $736,000. The bonds carry a stated interest of 6% payable each January 1. Prepare the journal entry for the issuance assuming the bonds are issued at 102. No. Account Titles and Explanation 1. Debit Credit

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5.  Federer Corporation issued $540,000 in bonds for $498,600. The bonds had a stated rate of 12% and pay interest quarterly. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds?   DR                                    DR/CR ?     CR       What is the journal entry to record the first interest payment? (Note: Do not consider the premium or discount.)   DR                           CR

A $485,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $470,000. Required:   Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends   REVENUE 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds   EXPENSES…

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abardeen corporation borrowed 58,000 from the bank on october 1, year 1.  The note had a 4 percent annual rate of interest and matured on march 31, year 2.  interest and principal were paid in cash on the maturity date. a. what amount of cash did abardeen pay for interest in year 1? b. what amount of interest expense was recognized on the year 1 income statement? c. what amount of total liabilities was reported on december 31, year 1, balance sheet?

Medhurst Corporation issued $89,000 in bonds for $86,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment? If an amount box does not require an entry, leave it blank.

Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $25,100,000 of five-year, 5% bonds at a market (effective) interest rate of 3%, receiving cash of $27,414,835. Interest is payable semiannually on April 1 and October 1. Required:   a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1, Year 1. 2. First interest payment on October 1, Year 1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.)   b. Explain why the company was able to issue the bonds for $27,414,835 rather than for the face amount of $25,100,000.     Chart of Accounts     CHART OF ACCOUNTS Smiley Corporation General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes…