Homework Help is Here – Start Your Trial Now!
Business
Accounting
Doyle Company issued $360,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Exercise 10-6A (Algo) Part a Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. DOYLE COMPANY Effect of Events on the Accounting Equation Year 2 and Year 3 Assets Liabilities + Event Cash + Land = Bonds Payable + Stockholders' Equity Retained Earnings Account Titles for Retained Earnings Year 2 1/1 + = + 1/1 + = + 12/31 + = + 12/31 = + + 0 + 0 = 0 + 0 Balance Year 3 Beginning balance 12/31 0 + 0 = 0 + 0 + = + 12/31 + = + Ending balance 0 + 0 = 0 + 0

Doyle Company issued $360,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Exercise 10-6A (Algo) Part a Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. DOYLE COMPANY Effect of Events on the Accounting Equation Year 2 and Year 3 Assets Liabilities + Event Cash + Land = Bonds Payable + Stockholders' Equity Retained Earnings Account Titles for Retained Earnings Year 2 1/1 + = + 1/1 + = + 12/31 + = + 12/31 = + + 0 + 0 = 0 + 0 Balance Year 3 Beginning balance 12/31 0 + 0 = 0 + 0 + = + 12/31 + = + Ending balance 0 + 0 = 0 + 0

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 13M
See similar textbooks
icon
Related questions
Question
Doyle Company issued $360,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Exercise 10-6A (Algo) Part a Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. DOYLE COMPANY Effect of Events on the Accounting Equation Year 2 and Year 3 Assets Liabilities + Event Cash + Land = Bonds Payable + Stockholders' Equity Retained Earnings Account Titles for Retained Earnings Year 2 1/1 + = + 1/1 + = + 12/31 + = + 12/31 = + + 0 + 0 = 0 + 0 Balance Year 3 Beginning balance 12/31 0 + 0 = 0 + 0 + = + 12/31 + = + Ending balance 0 + 0 = 0 + 0
Transcribed Image Text:Doyle Company issued $360,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Exercise 10-6A (Algo) Part a Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. DOYLE COMPANY Effect of Events on the Accounting Equation Year 2 and Year 3 Assets Liabilities + Event Cash + Land = Bonds Payable + Stockholders' Equity Retained Earnings Account Titles for Retained Earnings Year 2 1/1 + = + 1/1 + = + 12/31 + = + 12/31 = + + 0 + 0 = 0 + 0 Balance Year 3 Beginning balance 12/31 0 + 0 = 0 + 0 + = + 12/31 + = + Ending balance 0 + 0 = 0 + 0
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS