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Please solve each individual situation Blossom Company borrows $56,000 on July 1 from the bank by signing a $56,000,8%, 1-year note payable. Interest will be
Please solve each individual situation
Blossom Company borrows $56,000 on July 1 from the bank by signing a $56,000,8%, 1-year note payable. Interest will be repaid at maturity. (a) (b) Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 6. Bond prices are usually quoted as a percentage of the face value of the bond. 7. The present value of a bond is the value at which it should sell in the marisatplace. Cheyenne Corp. issues $370,000. 10-year, 8% bonds at 95. Prepare the journal entry to record the sale of these bonds on March 1, 2022 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Solish Brothers Inc has issued three different bands during 2022. Interests payable annually on each of these bonds. 1. 2. On January 1, 2022. 1,400, 856, 5-year $1,000 bonds dated January 1, 2022, were issued at face value On July 1, $864,000,935,5-year bonds dated July 1, 2022, were issued at 104. On September 1, $329,000,75,5-year bonds dated September 1, 2022, were issued at 99. 3. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit CreditStep by Step Solution
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