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Mellilo corporation issued 6000000 of 20-year 95 percent

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Reference no: EM13572938

Mellilo Corporation issued $6,000,000 of 20-year, 9.5 percent bonds on July 1, 2011, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2031. Mellilo's fiscal year ends on December 31. Prepare the following journal entries:

a.

Prepare the journal entry at July 1, 2011, to record the issuance of the bonds. (Omit the "$" sign in your response.)
Date General Journal Debit Credit
July 1, 2011   (Click to select)Accounts payableBonds payable Bond interest expenseDiscount on bonds payable SalesBond interest payableCashAccounts receivable    

  (Click to select)Bond interest expenseCashBonds payable Accounts payableDiscount on bonds payable SalesAccounts receivableBond interest payable    

       (Click to select)Accounts receivableBonds payableBond interest expenseDiscount on bonds payableAccounts payableBond interest payableSalesCash
   

b.

Prepare the journal entry at December 31, 2011, to pay interest and amortize the bond discount. (Omit the "$" sign in your response.)
Date General Journal Debit credit
Dec. 31, 2011   (Click to select)Bond interest payableDiscount on bonds payableBond interest expenseCashSalesAccounts receivableAccounts payableBonds payable    

       (Click to select)Accounts payableBond interest payableAccounts receivableCashDiscount on bonds payable SalesBond interest expenseBonds payable
   

       (Click to select)Bond interest payableBond interest expenseSalesAccounts receivableBonds payable Accounts payableDiscount on bonds payable Cash
   

c.

Prepare the journal entry at June 30, 2031, to pay interest, amortize the bond discount, and retire the bonds at maturity. (Omit the "$" sign in your response.)
Date General Journal Debit Credit
June 30, 2031   (Click to select)SalesCashBonds payableAccounts receivableBond interest expenseAccounts payableBond interest payableDiscount on bonds payable    

       (Click to select)Bond interest expenseSalesBond interest payable CashAccounts payableDiscount on bonds payable Bonds payable Accounts receivable
   

       (Click to select)Accounts payableAccounts receivableCashBond interest expenseDiscount on bonds payable SalesBonds payable Bond interest payable
   




June 30, 2031   (Click to select)SalesBond payableBond interest expenseAccounts receivableDiscount on bonds payableCashBond interest payableAccounts payable    

       (Click to select)Bond interest payableBond interest expenseDiscount on bonds payableAccounts payableBond payableCashAccounts receivableSales
   

Reference no: EM13572938

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