Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2017: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.

Folgers Inc. reported bond interest expense of $12,000 during 2020.  The balance in Bond Interest Payable was $1,500 on 1/1/20 and $1,825 on 12/31/20.  Also during 2020 $300 of Discount on Bonds Payable was amortized.  What amount of cash was paid for interest during 2020?

On January 1, 2021, the company issued $1,800,000, 6% bonds with a 10-year maturity. The bonds were issued to investors that require an effective interest rate of 9%.  The accountant did NOT record the issuance of these bonds.  Interest is paid annually and the accountant did NOT record the interest payment transaction.  The effective interest method is used to amortize any premium or discount.  NOTE – round calculations to nearest dollar. In the Excel spreadsheet, see the tab labelled “Bonds Payable – Series 2” to make any calculations, including an amortization schedule, to support journal entries.

Pina Calade Corp. issued 2,100 8%, 9-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 (b) Prepare the adjusting journal entry an December 31, 2017, to record interest expense. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (c) Prepare the journal entry on January 1, 2018, 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, 2018

On October 1, 2021, Sheffiled Corporation issued $500, 000 of 10 year, 5& bonds at 100. Interest is payable semi-annualy on October 1 and April 1. Sheffield's year end is December 31 and the company records adjusting entries annually. Identify what amounts, if any, Sheffield would report as a current liability and non current liability with respect to the bond and bond intereset accounts on December 31, 2021.

Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount. 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 Jan. 1, 2015                         Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2015                         Prepare the journal entry to record the accrual of…

The Pearl Company issued $240,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Pearl's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (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 Cred

On January 1, 2022, Discipline Company, a calendar-year company, issued $800,000 of notes payable, of which $200,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $800,000. Long-term debt, $800,000. Current liabilities, $200,000; Long-term debt, $600,000. Current liabilities, $200,000; Long-term debt, $800,000.