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Need help with the empty ones. Bonds Issued at Face Value With Sinking Fund Martin Manufacturing issued the following bonds: Date of issue and sale:
Need help with the empty ones.
Bonds Issued at Face Value With Sinking Fund Martin Manufacturing issued the following bonds: Date of issue and sale: April 1, 2001 Principal amount: $500,000 100 Sale price of bonds: Denomination of bonds: $10,000 Life of bonds: 10 years Stated rate: 7%, payable semiannually on September 30 and March 31 Annual sinking fund requirement: $34,000, payable June 1 C. Interest payment on the bonds on September 30, 2001. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 2001 Sept. 30 Bond Interest Expense 2 Cash v 0 1 02 e. Year-end adjustment on the bonds for 2001. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 2001 Dec. 31 Bond Interest Expense Bond Interest Payable Feedback Check My Work At the end of the year, an adjusting entry is needed for interest accrued on the f. Reversing entry for the beginning of 2002. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 2002 Jan. 1 Bond Interest Payable Bond Interest Expense 2 g. Interest payment on the bonds on March 31, 2002. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT 2002 Mar. 31 Bond Interest Expense 2 Cash j. Return of excess cash of $1,050 from the sinking fund to the corporation. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT Bonds Payable i. 2011 - Mar. 31 12 Bond Sinking Fund - NM + 4 j. Mar. 31 Cash 1,050 5 Bond Sinking Fund 1,050Step by Step Solution
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