List Of Accounts Problem 10-8A Accounts Payable Accounts Receivable Accumulated

Question

List Of Accounts Problem 10-8A Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes Payable Federal Unemployment Taxes Payable FICA Taxes Payable Gain on Bond Redemption Income lax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Bond Redemption Mortgage Payable No Entry Notes Payable Other Operating Expenses Payroll Tax Expense Premium on Bonds Payable Prepaid Insurance Property Taxes Payable Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Revenue Share Premium-Conversion Equity State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Union Dues Payable Warranty Liability

Explanation / Answer

Journal entries :

Date accounts & explanation debit Credit Jan 1,2017 Cash 550000     Bonds payable 550000 (To record issue bonds payable) Dec 31,2017 Interest expense (550000*10%) 55000      Interest payable 55000 (To record accured interest) Jan 1,2018 Interest payable 55000      Cash 55000 (To record interest paid) Jan 1, 2032 Bonds payable 550000      Cash 550000 (To record redemption of bonds)

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