pecialtiesT TwO... Chapter 10 Assignment: Required i Saved Help Save & Exit Subm

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pecialtiesT TwO... Chapter 10 Assignment: Required i Saved Help Save & Exit Submit Check my work 2 Mellilo Corporation issued $4,900,000 of 20-year, 9.5 percent bonds on July 1, 2018, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2038. Mellilo's fiscal year ends on December 31 a-c. Record the issuance of the bonds and entries to be passed post the issue. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) 10 points View transaction list eBook Ask Print Journal entry worksheet 4 Record the issuance of bonds. Note: Enter debits before credits. Debit Credit General Journal Date July 01, 2018 K Prev 2 of 4i Next > Graw Hill

Explanation / Answer

In the books of Mellilo Corporation:

Transaction/ Event Date Account Titles Debit Credit $ $ 1. July 1, 2018 Cash 4,802,000 Discount on Bonds Payable 98,000 Bonds Payable 4,900,000 2. December 31, 2018 Interest Expense 235,200 Discount on Bonds Payable ( $ 98,000 / 20 x 1/2) 2,450 Cash ( $ 4,900,000 x 9.5 % x 1/2) 232,750 3. June 30, 2019 Interest Expense 235,200 Discount on Bonds Payable 2,450 Cash 232,750 4. June 30, 2038 Bonds Payable 4,900,000 Interest Expense 235,200 Discount on Bonds Payable 2,450 Cash 5,132,750

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