Find and journalize the first interest payment

Assignment Help Financial Accounting
Reference no: EM132696549

Discount Amortization

On the first day of the fiscal year, a company issues a $1,300,000, 6%, 6-year bond that pays semiannual interest of $39,000 ($1,300,000 × 6% × ½), receiving cash of $1,177,994.

Problem 1: Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

Accounts Payable
Bonds Payable
Discount on Bonds Payable
Interest Expense
Interest Payable
Premium on Bonds Payable

Reference no: EM132696549

Questions Cloud

Find flexible-budget analysis : Why might managers find a flexible-budget analysis more informative than static-budget analysis?
How to planning and manage the changes of technology : As an expert in the human resource management, you are required to discuss on how to planning and manage the changes of technology into your organization.
What is the free cash flow of starbucks : Why do we say that net income is not the same as net cash flow from operating activities? What is the net cash flow from operating activities
Compute the cost of not taking the cash discount : Little Kimi Clothiers can borrow from its bank at 20 percent to take a cash discount. The terms of the cash discount are 2/14 net 55.
Find and journalize the first interest payment : Discount Amortization, Find and Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar.
How can using crm support business operations : Does Zappos use a CRM? How can using a CRM support business operations? What are the benefits and challenges of using a CRM in a business?
Firewall evaluation criteria for your organization : What are the firewall evaluation criteria for your organization?
Environment for statistical computing and graphics : R is a language and environment for statistical computing and graphics. Why are statistical programming languages important to data scientists?
What are the steps in personal financial planning : What are the steps in personal financial planning? Describe each step.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd