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Need help with this page of problems Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine cost $25 per year. During
Need help with this page of problems
Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine cost $25 per year. During October 2014, Flores sells 30,000 subscriptions beginning with the November issue. Fiores prepares financial statements quarterly and recognizes subscription revenue eamed at the end of the quarter. The company uses the accounts Uneamed Subscription Revenue and Subecription Revenue RCTIONSEee Ex. 264 (a) Oct. 31 Cash Unearned Subscription Revenue (b) Dec. 31 Uneaned Subscription Revenue (c) Mar. 31 Unearned Subscription Revenue Subscription Revenue Ex. 272 The following section is taken from Blue Corp's balance sheet at December 31, 2014. Current liabilities $ 180,000 Interest Payabl Bonds Payable, 9%, due January 1, 2019 Long-term liabilities .. 2,000,000 Interest is payable annually on January 1. The bonds are callable on any interest date. InstructionsCONPLETE TerE SPA BeLow, (a) Journalize the payment of the bond interest on January 1, 2015. (b) Assume that on January 1, 2015, after paying interest, Blue calls bonds having a face value of $600,000. The call price is 106. Record the redemption of the bonds. (c) Prepare the entry to record the accrual of interest on December 31, 2015, assuming no previous accrual of interest on the remaining bonds. (a) Interest Payable... Cas.. (b) Bonds Payable Loss on Bond Redempt on Step by Step Solution
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