On October 1, 2021, Sheffield Corp. issued $912,000, 8%, 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.

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On October 1, 2021. Sheffield Corp. issued $912,000.8%, 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.) Date Account Titles and Explanation Debit Credit Oct. 1, 2021 Cash 912.000 Bonds Payable 912,000 e Textbook and Media List of Accounts Your answer is 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 18.240 Interest Payable 18.240 Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021. SHEFFIELD CORP. Balance Sheet (Partial) December 31, 2021 Long-term Liabilities Bonds Payable $C 912.000 912.000 Current Liabilities Interest Payable 18,240 e Textbook and Media List of Accounts Your answer is partially correct. 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 Interest Payable 18240 Interest Expense 54.720 Cash 72.960 Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entere Date Account Titles and Explanation Debit Credit Dec 31, 2022 Interest Expense 54.720 Interest Expense 54.720 e Textbook and Media List of Accounts Your answer is partially correct. assume that on January 1, 2023, Sheffield pays the accrued bond interest and calls the bonds. The call price is 104. Record the payment of interest and Date Account Titles and Explanation Debit Credit Jan. 1, 2023 Interest Payable 948.480 Cash 948.480 (To record payment of interest) Jan 1, 2023 Bonds Payable 912,000 Loss on Bond Redemption Cash (To record the redemption of the bonds)