Question
I have done about 30 questions for this chapter and for the life of me I cannot figure out how to do these 3 questions.
I have done about 30 questions for this chapter and for the life of me I cannot figure out how to do these 3 questions. If you could also tell me how you got to each solution if possible that would be great.
The Square Foot Grill, Inc. , issued $380,000 of 10-year, 8 percent bonds on July 1, 2016, at 102. Interest is payable in cash semiannually on June 30 and December 31. The straight-line method is used for amortization.
| A. Prepare the journal entries to record issuing the bonds and any necessary journal entries for 2016 and 2017. Post the journal entries to T-accounts. Prepare any necessary closing entries for 2016.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) B. Prepare the liabilities section of the balance sheet at the end of 2016 and 2017.(Amounts to be deducted should be indicated with minus sign.)
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