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Question 2

Instructions Chart of Accounts General Journal Chart of Accounts 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable 536 Insurance Expense 537 Office Supplies Expense 541 Bad Debt Expense 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds 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 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Check My Work Present value of bonds payable; premium Moss Co. issued $550,000 of five-year, 13% bonds, with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable using the present value tables in Exhibit 5 and Exhibit 7 , Round to the nearest dollar. On the first day of the fiscal year, a company issues a $2,000,000,5%,5-year bond that pays semiannual interest of $50,000($2,000,0005% \%), receiving cash of $2,102,260 : Journalize the first interest payment and the amorfization of the related bond premium. Premium amortization Instructions Chart of Accounts General Joumal Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Dobtful Accounts 126 Interest Recelvable 127 Notes Receivable 131 Merchandise Inventory 141 Otice Supplies 191 Land 194 Office Equipment 195 Accumulated Depreciation-Otfice Equipment LLABILITIES 210 Accounts Payable 221 Salanies Payable REVENUE 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 522 Office Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense All work saved. Journalize the first interest payment and the amortization of the redated bond premium on lune 30