{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T23:16:47-04:00", "answer_date": "2024-05-28 23:16:47", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1864369", "url": "\/study-help\/questions\/exercise-1411-algo-bonds-effective-interest-adjusting-entry-lo142-on-1864369", "question_creation_date_js": "2024-05-28T23:16:47-04:00", "question_creation_date": "May 28, 2024 11:16 PM", "meta_title": "[Solved] Exercise 14-11 (Algo) Bonds; effective in | SolutionInn", "meta_description": "Answer of - Exercise 14-11 (Algo) Bonds; effective interest; adjusting entry [LO14-2] On February 1, 2021, Strauss Lombardi Issued | SolutionInn", "meta_keywords": "exercise,14-11,algo,bonds,effective,interest,adjusting,entry,lo14-2,february,1,2021", "question_title_h1": " Exercise 14-11 (Algo) Bonds; effective interest; adjusting entry [LO14-2] On February 1, 2021, Strauss Lombardi Issued 9% bonds, dated February 1, with a face", "question_title": " Exercise 14-11 (Algo) Bonds; effective interest; adjusting entry [LO14-2] On February", "question_title_for_js_snippet": "Exercise 14 11 (Algo) Bonds effective interest adjusting entry LO14 2 On February 1, 2021, Strauss Lombardi Issued 9 bonds, dated February 1, with a face amount of $920,000 The bonds sold for $841,072 and mature on January 31, 2041 (20 years) The market yield for bonds of similar risk and maturity was 10 Interest is paid semiannually on July 31 and January 31 Strauss Lombardi's fiscal year ends December 31 Required 1 to 4 Prepare the journal entries to record their Issuance by Strauss Lombardi on February 1, 2021, interest on July 31, 2021 (at the effective rate), adjusting entry to accrue interest on December 31, 2021 and interest on January 31, 2022 (Do not round your intermediate calculations and round your final answers to nearest whole dollar If no entry is required for a transaction event, select No journal entry required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of the bond on February 1, 2021 Note Enter debits before credits Dale February 01, 2021 General Journal Debit Credit", "question_description": "\"image", "transcribed_text": "Exercise 14-11 (Algo) Bonds; effective interest; adjusting entry [LO14-2] On February 1, 2021, Strauss Lombardi Issued 9% bonds, dated February 1, with a face amount of $920,000. The bonds sold for $841,072 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their Issuance by Strauss-Lombardi on February 1, 2021, interest on July 31, 2021 (at the effective rate), adjusting entry to accrue interest on December 31, 2021 and interest on January 31, 2022. (Do not round your intermediate calculations and round your final answers to nearest whole dollar. If no entry is required for a transaction\/event, select \"No journal entry required\" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the issuance of the bond on February 1, 2021. Note: Enter debits before credits Dale February 01, 2021 General Journal Debit Credit", "related_book": { "title": "Managerial Accounting", "isbn": "1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445", "edition": "2nd edition", "authors": "Charles E. Davis, Elizabeth Davis", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/281.jpg", "uri": "\/textbooks\/managerial-accounting-2nd-edition-281", "see_more_uri": "" }, "free_related_book": { "isbn": "0195106687", "uri": "\/textbooks\/butterflies-through-binoculars-the-easta-field-guide-to-the-butterflies-of-eastern-north-america-1st-edition-978-0195106688-236531", "name": "Butterflies Through Binoculars The Easta Field Guide To The Butterflies Of Eastern North America", "edition": "1st Edition" }, "question_posted": "2024-05-28 23:16:47", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/two-basic-assumptions-of-technical-analysis-are-that-security-prices-427896", "description": "Two basic assumptions of technical analysis are that security prices adjust: A. rapidly to new information and market prices are determined by the interaction of supply and demand. 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