Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Date Account Title

Question

Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Date Account Titles and Explanation Debit Credit Jan. 1, 2018 SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SAVE FOR LATER SAVE FOR LATER SAVE FOR LATER SUBMIT ANSWER SUBMIT ANSWER SUBMIT ANSWER

Brief Exercise 10-10

Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1.

(a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit Jan. 1, 2017 enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount
(b) Prepare the adjusting journal entry on December 31, 2017, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit Dec. 31, 2017 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount
(c) Prepare the journal entry on January 1, 2018, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit Jan. 1, 2018 enter an account title for the journal entry on January 1,2018 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2018 enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Jan 1,2017 Cash 1200000     Bonds payable 1200000 (To record issue bonds) Dec 31,2017 Interest expense 108000     Interest payable 108000 (To record accured interest) Jan 1,2018 Interest payable 108000     Cash 108000 (To record interest paid)

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