edugen.wileyplus.com Parul Mahajan\'s Birthday PLUS Kieso, Intermediate Accounti

Question

edugen.wileyplus.com Parul Mahajan's Birthday PLUS Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING 1 & (310/311/312) tudy & Practice NEXT Brief Exercise 14-6 ere issued for $428, 743, and pay interest each July 1 and January 1 on January 1 Grouper 2017, Grouper Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds uses the effective-interest method . Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 interest payment, and (e) the December 31 adjusting entry. Assume an effective- interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 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 amount is entered. Deo not Indent manually.) 4-11 Account Titles and Explanatiorn (a) Jan. 1, 2017 Study Click if you would like to Show Work for this question: Open Sh MacBook Pro ? F3 -F6 7 8

Explanation / Answer

Date account titles and explanation debit credit January 1 2017 cash 428743 Discount on Bonds payable (460000-428743) 31257 Bonds payable 460000 July 1 2017 Interest expense (428743*8%/2) 17150 Cash (460000*7%/2) 16100 Discount on Bonds payable (balancing figure) 1050 December 31 2017 Interest expense (428743+1050)*8%/2 17192 Interest payable (460000*7%/2) 16100 Discount on Bonds payable 1092

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.