Accounting Problem Solve rile Company issued $472,500, 7%, 15-year bonds on Dece

Question

Accounting Problem Solve rile Company issued $472,500, 7%, 15-year bonds on December 31, 2016, for $453,600. Interes payable an 31. Ori et Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds (b) The payment of interest and the discount amortization on December 31, 2017. a The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded No. DateAccount Titles and Explanation (a) Dec. 31, 2016 Debit Credit (b) Dec. 31, 2017 (c) Dec. 31, 2031

Explanation / Answer

Dec-31-16 Cash 453600 Discount on Bonds payable 18900        Bonds payable 472500 Dec-31-17 Interest expense 34335         Discount on Bonds payable 1260 =18900/15          Cash 33075 =472500*7% Dec-31-31 Bonds payable 472500          Cash 472500

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

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