hello this is for principles of accounting
Chart Of Acc CHART OF ACCOUNTS General Ledger ASSETS 110 Cash REVENUE 111 Petty Cash 410 Sales 112 Accounts Receivable 610 Interest Revenue 113 Allowance for Doubtful A 611 Gain on Redemption of Bonds 114 Notes Receivable 115 1 5 Interest Receivable EXPENSES 121 Merchandise Inventory 910 Cost of Merchandise Sold 122 Supplies 1 Bad Debt Expense Prepaid Insurance 212 Credit Card Expense 140 Land Cash Short and Over 151 Building salaries as Expense Advertising Expense Accumulate 3 Equipment 532 Delivery Expense 13 Repairs Expanse : Accumulated De Fiant Expense LIABILITIES 15 Insurance Expense 210 Accounts Payable 36 Supplies Expense 1 Salaries Payable 551 Depreciation Expense-Building Sales Tax Payable 552 Depreciation Expense-Equipment 241 Notes Payable 590 Miscellaneous Expense 242 Interest Payable 710 Interest Expense 711 Loss on Redemption of Bones Instruction On the first day of the fiscal year, a company issues a $910,000, 7%, five-year bond that pays s hiannual interest of $31,850 ($910,000 x 7% x 1/2), receiving cash of $884,177. Required: urnalize the entry to record the ance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Journalize the entry to record the issuance of the bonds on July 1. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT On the first day of the fiscal year, a company issues an $708,000, 8%, five-year bond that pays semiannual interest of $28,320 ($708,000 x 8% x 1/2), receiving cash of $665,500. Journalize the entry to record the first int ment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank. redemption? Bonds Payable has a balance of $979,000 and Premium on Bonds Payable has a balance of $10,769. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on Oa. $1,008,370 gain Ob. $18,601 loss Oc. $10,769 loss Od. $10,769 gain The present value of $69,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar) Use the present value table in Exhibit 8. Oa. $65,095 Ob. $64,486 Oc. $69,000 Od. $61,607 Bonds Payable has a balance of $1,155,000 and redemption as a balance of $11,550. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on Oa. $17,325 gain Ob. $17,325 loss Oc. $11,550 gain Od. $11,550 loss A $530,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $467,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank
