On January 1, 2025, Cheyenne Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $590,744, and pay interest each July 1 and January 1 Cheyenne uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) No. (a) (b) (c) Date Account Titles and Explanation Debit Cre

On January 1, 2025, Cheyenne Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $590,744, and pay interest each July 1 and January 1 Cheyenne uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) No. (a) (b) (c) Date Account Titles and Explanation Debit Cre

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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