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Entries for issuing and calling bonds; loss Instructions Chart of Accounts Journal Instructions Adele Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account bites 2011 1 1 issued the bonds for cash at their face amount Paid the interest on the bonds. Mar. Sept. 2015 Sept. 1 Called the bond issue at 102, the rate provided in the bond Indenture. (Omit entry for payment of interest.) Chart of Accounts Journal ructions ction Chart of Accounts their fa REVENUE e Corp Septen ASSETS 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue ccount ournalize 121 Accounts Receivable 611 Gain on Redemption of Bonds 20Y1 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable Mar. Sept 2045 Sept 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies 151 Prepaid Insurance 191 Land 192 Store Equipment EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 521 Sales Salaries Expense 522 Office Salaries Expense 531 Advertising Expense 532 Delivery Expense uction Chart of Accounts heir face e Corp Septen 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense urnalize ccount title 20Y1 LIABILITIES Mar. 541 Bad Debt Expense 561 Depreciation Expense-Store Sept. 2015 Equipment Sept 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds Instructions Chart of Accounts Journal Instruction Chart of Accounts heir Adele Corp and Septen Journalize CCOU EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par- Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid In Capital in Excess of Par- Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 20Y1 Mar. Sept! 2015 Sept 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Journal nstruction Chart of Accounts Journal Adele Corp and Septer Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Journaltze 2011 JOURNAL DATE DESCRIPTION POST. REF Mar Sept 2015 Sept Mar. 16 Cash DEBIT 32,700,000.00 Journalize the entry to record the transactions Refer to the Chart of Accounts for exact wording of account bites. Journal lyable on Adele Corp and Septen Journaltze Joumalize the entry to record the transactions. Refer to the Chart of Accounts for exact wording of account titles 2011 JOURNAL DESCRIPTION POST. REF. CREDIT
