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Title of accounts for all the journal entries: 1. Bond interest expense 2. Bonds payable 3. Cash 4. Common shares 5. Discount on bonds payable
Title of accounts for all the journal entries:
1. Bond interest expense
2. Bonds payable
3. Cash
4. Common shares
5. Discount on bonds payable
6. Interest payable
7. Notes payable
8. Premium on bonds payable
Title of accounts for Balance sheet (partial) for question 1f:
1. Bonds payable, 11.0%, due June 1, 2029
2. Discount on bonds payable
3. Interest on bonds payable
Title of accounts for Balance sheet (partial) for question 2f:
1. Bonds payable, 8.5%, due April 1, 2028
2. Interest on bonds payable
3. Premium on bonds payable
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond Issues: Bond Issue A Cash Interest Paid $620, 600 x 8.6% x 6/12 (B) Period Interest Expense (E) x 7.0% 6/12 (C) Amort. (A) - (B) (E) Carrying Value $620,890 + Period Ending June 1/20 Dec. 1/20 (D) Unamortized Balance $48,888 39,219 $ 560,888 659,219 $ 24,800 $ 23, 131 $ 1,669 Dec. 1/26 June 1/27 Dec. 1/27 June 1/28 Dec. 1/28 June 1/29 Totals 24, see 24, 8ee 24,800 24, see 24,800 24,800 $ 446,400 22,278 22,190 22,899 22,684 21,906 21,805 $ 485,512 2,522 2,610 2,701 2,796 2,894 2,995 $48,888 13,996 11, 386 8,685 5,889 2,995 633,996 631,386 628,685 625, 889 622,995 620,000 *Adjusted for rounding (For all requirements, do not round Intermediate calculations. Round the final answers to the nearest whole dollar.) Required: 1. Bond Issue A a. Were the bond A issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium & discount b. Journalize the issuance of bond A on June 1, 2020. View transaction list Journal entry worksheet Record the payment of interest on bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2027 Record entry Clear entry View general journal Journal entry worksheet Record the interest paid on bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2027 Record entry Clear entry View general journal Journal entry worksheetStep by Step Solution
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