On January 1, 2024, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $1,003,000. The indenture specified a call price of $1,000,000. Tiny Tim called the bonds (retired them) on January 1, 2024. Instructions: Prepare the necessary journal entry on January 1, 2024. General Journal Date Account Title & Explanation Ref. Dr. MAA Cr.
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- On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Bramble’s year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an…Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 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, 2022, 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, 2022 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount…On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruce’s year-end is December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount
- Clooney Corporation issued 3,000 7%, 5-year, $1.,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, 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, 2022 (c) Prepare the journal entry on January 1, 2023, 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, 2023Monty Corp. issued 1,900 S, Pvear, L000 bonds dated January 1. 2022. at face value, Iterest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatic Date Account Titles and Explanation Det Cedit Tan. 1, 2022 () Propare tme aguting oumai entry on Decemner 31, 2022, to recort interest experse. (Creit accont tities are am Dete Aont tiles ad Lulanatim Debit Credik Dee. 31, 2022 () Prepare the poumal entry on tanuary 1, 3021, ta record interest pat. (Credit account tities are automsatically anden Date KOnt Tiles and tlanation Credit Jan. 1, 2023Below are selected transactions for Ink Corporation. Ink Corporation began operations on January 1, 2021 and has a fiscal year end of December 31*. Prepare journal entries for each transaction. MUST SHOW ALL YOUR WORK! IF NECESSARY, ROUND AMOUNTS TO NEAREST DOLLAR. Date Transaction Description 08/01/2021 Purchased for cash $95,000 of Zarpo, Inc. 12% bonds at 100 plus accrued interest. The bonds pay interest on August 31* and February 28th. 8/31/2021 Received the semiannual interest payment. 11/30/2021 Sold $45,000 of the bonds at 98 plus accrued interest.
- Sunland Electric sold $6,960,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2022 Debit CreditOn August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Martinez’s year-end is December 31. Prepare the journal entry to record the issuance of the bonds. Prepare the journal entry to record the accrual of interest on December 31, 2022. Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrual of interest on December 31, 2017enter an account title to record the accrual of interest on December 31, 2017Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal entry to record the issuance will show a which number and why? 1. debit to Cash of $4800000. 2. debit to Premium on Bonds Payable for $144000. 3. credit to Cash for $4944000. 4. credit to Bonds Payable for $4800000.
- Crane Company issued $630,000, 10-year, 4% bonds at 103. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 eTexthonk and Media Debit CreditPart 1 Prepare journal entries to the following. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on June 1, 2023 b. Payment of interest on December 1, 2023 c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2024 d. Payment of interest on June 1, 2024 Assume JetCom Inventors Inc. has a January 31 year-end. View transaction list Journal entry worksheet 1 2 3 4 Record issued bond at discount. Note: Enter debits before credits. Date June 01, 2023 General Journal Debit Credit >Cullumber Company issued $505,000, 15-year, 4% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2022. Date Account Titles and Explanation Debit Credit Jan. 1