Connect D Punctuation Rules ar Stuffed Chicken Br. vi ValoreBooks I. Communicati

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Connect D Punctuation Rules ar Stuffed Chicken Br. vi ValoreBooks I. Communication, E... I. Quick Tips for Mast... D Chapter 22 Qulz Help Save & Exit Submit Saved The board of directors of the Columbus Corporation authorized the issuance of $125,000 face value of 10-year, 12 percent bonds dated April 1, 2019, and maturing on April 1, 2029. Interest is payable semiannually on April 1 and October 1. Each bond has a face value of $1,000. Because the funds to be raised were not immediately needed, no bonds were issued until 2021 2021 Apr. 1 Issued $22,000 of bonds at 103.2. Oct. 1 Paid the semiannual bond interest. 1 Issued $21,000 bonds at face value. 1 Recorded the amortization of the premium on the bonds sold on April 1 42 using the straight-line method. Recorded the adjusting entry to acerue the bond interest and to amortize the premium. Dec. 31 Closed the Bond Interest Expense account into the Incone Summary account. Record the above transactions in a general journal View transaction list Journal entry worksheet 3 Issued $22,000 of bonds at 103.2.

Explanation / Answer

Journal Entries Date Accounts title and explanations Debit $ Credit $ 1-Apr Cash Account Dr. 2270400      Bonds payable 2200000       Premium on Bonds payable 70,400 1-Oct Interest expense (2200,000*12%/2) 132000      Cash Account 132000 1-Oct Cash Account Dr. 2,100,000       Bonds payable 2,100,000 1-Oct Premium on Bonds payable Dr. 3520      Interest expense 3520 31-Dec Interest Expense Dr. 256240 Premium on Bonds payable Dr. 1760      Interest payable 258000 31-Dec Income summary Dr. 384720     Interest expense 384,720

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