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Need help please, Will upvote! Thank you! On October 1, 2021, Cheyenne Corp. issued $768,000, 5%, 10-year bonds at face value. The bonds were dated
Need help please, Will upvote! Thank you!
On October 1, 2021, Cheyenne Corp. issued $768,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31.
Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Oct. 1, 2021 Cash 768000 Bonds Payable 768000 e Textbook and Media List of Accounts Attempts: 1 of 15 used Part 2 Your answer is partially correct. Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Interest Expense 38400 Interest Payable 38400 e Textbook and Media List of Accounts Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021. CHEYENNE CORP. Balance Sheet (Partial) $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer Part 4 Prepare the journal entry to record the payment of interest on October 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Oct. 1, 2022 e Textbook and Media List of Accounts Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021. CHEYENNE CORP. Balance Sheet (Partial) $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer Part 4 Prepare the journal entry to record the payment of interest on October 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Oct. 1, 2022 e Textbook and Media List of AccountsStep by Step Solution
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