Refer to the amortization schedule prepared in Exercise 15-16. Assume a November 30 year-end. Required Part 1

Question:

Refer to the amortization schedule prepared in Exercise 15-16. Assume a November 30 year-end.

Required
Part 1
Record the following entries:
a. Issuance of the bonds on October 1, 2014,
b. Adjusting entry to accrue bond interest and premium amortization on November 30, 2014,
c. Payment of interest on October 1, 2015.

Part 2
Show how the bond will appear on the under long-term liabilities at November 30, 2018.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...