Question
Prepare journal entries to record the following transactions related to long-term bonds of Bramble Co. (a) Your answer has been saved. See score details after
Prepare journal entries to record the following transactions related to long-term bonds of Bramble Co.
(a)
Your answer has been saved. See score details after the due date.
On April 1, 2019, Bramble issued $2,080,000, 9% bonds for $2,237,526 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2029. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
April 1 | |||
Attempts: 1 of 1 used
(b)
On July 1, 2021 Bramble retired $624,000 of the bonds at 102 plus accrued interest. Bramble uses straight-line amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
Account Titles and Explanation | Debit | Credit |
(To record interest and premium on bonds) | ||
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