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Instructions:Nectarine Company uses the chart of accounts shown below. Use the numbers preceding each account title to create journal entries for each situation. Account titles may be used more than once, or not at all, and journal entries may have two, three, or more lines.

Account Titles

1.Cash

2.Accounts Payable

3.Cash Dividends

4.Interest Revenue

5.Interest Payable

6.Bonds Payable

7.Interest Expense

8.Accounts Receivable

9. Common Stock

10.Premium on Bonds Payable

11.Gain on Bond Redemption

12.Loss on Bond Redemption

13.Paid-in Capital in Excess of Par Common Stock

14.Discount on Bonds Payable

SituationDebitCreditAmount

0.Nectarine sold merchandise for $1,500, receiving1$ 300

$300 in cash with the balance on account.81,200

31,500

1.Nectarine issued $400,000 face amount of 12% bonds payable on January 1, 2017 at 104. The bonds were dated January 1, 2017, pay interest on each January 1, and mature in five years.

2.Nectarine accrued interest on the bonds described in #1 above on December 31, 2017. The premium on the bonds is amortized using the straight-line method.

3.Nectarine issued $200,000 face amount of six-year, 10% bonds payable on January 1, 2017, at 94. Interest is payable annually on January 1. Record the accrual of interest on these bonds at December 31, 2017 using the straight-line method of amortization.

4.Nectarine redeemed the bonds described in #1 above at book value when the book value was $409,600.