The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:   Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2.

The following notes receivable transactions occurred for Harris Company during the last three months of the Current year. (Assume all notes are dated the day the transaction occurred.)                                                        1. Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December 31. (Assume that Harris does not normally sell its notes and uses a 360-day year for the purpose of computing interest. Round all calculations to the nearest penny.)                2. Show how Harris' notes receivable would be disclosed on the December 31 balance sheet. (Assume these are the only note transactions encouutered by Harris during the year.)

Majestic Corporation holds an investment in Cromwell bonds that pays interest eachOctober 31. Majestic’s balance sheet at December 31 should reporta. interest expense.b. interest revenue.c. interest payable.d. interest receivable.

Pharoah Company had the following transactions pertaining to debt securities held as an investment. Jan. 1 Dec. 31 Purchased 75, 6%, $1,000 Sheridan Company bonds for $75,000 cash. Interest is payable annually on January 1. Accrued $4,500 annual interest on Sheridan Company bonds. Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Debt Investments Cash Dec. 31 Interest Receivable Interest Revenue Debit 75,000 4,500 Credit 75,000 4,500

Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $21,300,000 of five-year, 4% bonds at a market (effective) interest rate of 3%, receiving cash of $22,282,220. 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, 20Y1. 2. First interest payment on October 1, 20Y1, 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 $22,282,220 rather than for the face amount of $21,300,000. CHART OF ACCOUNTSSmiley CorporationGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies…

1. 2. On January 1, 2025, Pina Company issued $132,000 of 7%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2025, Grouper Company issued $84,000 of 11%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following.

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…

Blossom Company sold $3,300,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interest annually on January 1. Blossom Company uses the straight-line method to amortize bond premium or discount. (a)

On January 1, Year 1, Maverick Company sold bonds that pay interest semiannually on June 30 and December 31. Maverick has a fiscal year - end of February 28. The amortization schedule for these bonds shows a cash payment of interest of $7, 200 and effective interest of $9, 009 relating to the interest payment that will be made on June 30, Year 1. What is the amount of interest expense that should be accrued by Maverick in an adjusting entry dated February 28, Year 1?

Entries for Bonds Payable, induding bond redemption The following transactions were completed by Montague Inc., whose fiscal year is the calendar year: