Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2025, at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Date eTextbook and Media Debit Credit

Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2025, at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Date eTextbook and Media Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crane Corporation issued $402,000 of 4%, 10-year bonds on January 1, 2024, at face value. Interest is payable annually on January 1, 2025. (a) Prepare the journal entry to record the issuance of the bonds. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1, 2024 Account Titles List of Accounts Save for Later Debit Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Credit Submit Answer
Prepare the entry to record the retirement of half the bonds still outstanding on January 1, 2022 for a cash payment of $1,220,000. Assume the accrued interest was paid. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Date Jan. 1, 2022 Debit Credit
Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Oriole Company issued $510,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later I Debit 510000 Credit 510000 Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer
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…
Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Your Answer Correct Answer (Used) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Bonds Payable Cash Debit 500,000 Credit 500,000
On January 1, 2022, Sunland Company issued $420,000, 12%, 10-year bonds at face value. Interest is payable annually on January 1. (a) (b) 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 Dec. 31, 2022 Account Titles and Explanation Debit Credit
Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. 1.Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021
The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $3,100,000 Less: Discount on bonds payable 217,000 $2,883,000 Cullumber decides to redeem these bonds at 103 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cullumber Company issued $650,000 of 5-year, 9% bonds at 96 on January 1, 2022. The bonds pay interest annually. (a1) 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.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit
Crane Company issued $1,730,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 97, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) (2) (3) Debit Credit
Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. 1.Prepare the journal entry on January 1, 2021, 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 January 1, 2021