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help with problem 3 and 4 please HI H72 fo | B C 00 Problem 3: Ch. 10-Liabilities (Notes payable) 25 Points 01 02 On
help with problem 3 and 4 please
HI H72 fo | B C 00 Problem 3: Ch. 10-Liabilities (Notes payable) 25 Points 01 02 On June 1, the Jones Compoany borrow $300,000 from First Bank, on a six-month note at 10% interest 03 The note matures on December 1 04 05 Required: 06 07 1 Prepare the journal entry for June 1. 2 Prepare the adjusting journal entry for June 30 109 3. Prepare the entry at maturity (Dec. 1). Assume monthly journal 110 entries have been made to accrue interest for each month 111 through November 30 112 113 General Journal 114 GENERAL JOURNAL 115 116 117 Date Account Titles and Explanation 08 Debit Credit 118 119 120 Date Account Titles and Explanation Debit Credit 115 116 117 118 119 120 1211 122 123 124 125 126 127 128 129 130 131 132 NAME H B C D G 134 Problem 4: Ch. 10-Liabilities (Notes payable-Discount) (15 points) 135 136 On January 1, 2013, a company issued 6%, 10-year bonds with a par value of $520,000. 6% is lower than market 137 rate. As a result, the company received $476,350 cash. 138 139 Required: 140 141 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2013 142 2 Using the straight-line method, prepare the journal entry recording the first 143 semiannual interest expense, payment and the amortization of the discount 144 145 General Journal 146 GENERAL JOURNAL 147 148 149 Account Titles and Explanation Debit 150 151 152 Date Credit 153 D UPDATES AVAILABLE Updates for Office are ready to be installed but fust we need to close some app Update now H72 fo A B D E F H 147 148 149 Date Account Titles and Explanation Debit 150 151 152 153 54 155 156 157 158 159 Step by Step Solution
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