Question
I need help with this journal entries 1.June 2:Mr. Burns issued a 2:1 Stock Split 2.June 3:Mr. Burns bought back an additional 200,000 shares of
I need help with this journal entries
1.June 2:Mr. Burns issued a 2:1 Stock Split
2.June 3:Mr. Burns bought back an additional 200,000 shares of Treasury Stock at $.50 per share
3. June 21: The following expenses accrued and are to be paid in a later month:Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000.
4.July 1.Mr. Burns issued $600,000, 10 years (semi annual payments) coupon rate of 10%, market rate of 12%.Mr. Smithers gave this bond the code name Bond #1
5.July 1.Mr. Burns issued $500,000 bond (Bond #2) 10 years (semi-annual payments) coupon rate of 12%, market rate of 10%.
6. September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction.
7.October 1: The Grocery Store paid the principle of the note and the interest.
7 October 15:Mr. Burns wrote off the amount sitting in allowance for doubtful account because Abe Simpson refused to pay for the cookies he bought in 2019.Mr. Burns used $50,000 of personal funds to hire a hit squad to go after Abe Simpson.
8.November 1:After being advised by legal counsel and Mr. Smithers that killing off competition was considered murder, Mr. Burns decided to get a patent to keep from his secrets from being used by his rivals. He paid $200,000 for his patent which will be amortized for 15 years.
9.December 1:Mr. Burns bought Cookie Dough and paid for the amount up front to get a bulk discount.The amount paid is $400,000
10.December 8:Mr. Burns bought office supplies on account from Staples for $50,000.
11.December 9 Mr.Burns sold $400,000 of cookies on account to Shelbyville.The cost of sales was $200,000
12. December 25: Mr. Burns paid a cash dividend after being visited by the three ghosts of Christmas to the Shareholder $400,000
13. December 31: Mr. Burns made interest payment on Bond #1.Use effective interest method.The payments are considered to be ordinary annuities
14.December 31:Mr. Burns made interest payment on Bond #2 Use effective interest method.The payments are considered to be ordinary annuities
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