k heip? | Yahoo Answers Kimmel, Financial Accounting, Be ??? sstemAnnouncements

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k heip? | Yahoo Answers Kimmel, Financial Accounting, Be ??? sstemAnnouncements CALCLATON PRINTER VERSION BACK NEXT Brief Exercise 10-17 cngbird. Inc. i ssues S4.1 million, 10-year, g% bonds at 102, with interest porable on January 1. The straight-line method is used to amortize bond Prepare the jounel entry to record the sale of these bonds on January , 2017. (Credit account sitles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Jan, 1 Credit Prepare the journal entry to recoed interest expense and bond premium amortization on December 31, 2017, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually,) Date Account Titles and Explanation Dec. 31 Debit Credit Question Attempts: 0 of 5 used SAVE FOR LATER SUBHET ANSWER Dil 5 6 9 0 delete 0

Explanation / Answer

Journal entries: Date Accounts title and explanations Debit $ Credit $ 1-Jan Cash Account Dr. (4100,000*102%) 4,182,000     Bonds payable Account 4,100,000     Premium on Bonds payable 82,000 31-Dec Interest expense Dr. 360800 Premium on Bonds payable (82,000/10) 8200      Cash Account (4100,000*9%) 369000

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