Prepare general journal entry to record issue of debentures

Assignment Help Financial Accounting
Reference no: EM132523321

Adelaide Briton Ltd issued a prospectus on 1 June 20X1 inviting applicants for 3,000 debentures of face amount $2,000, payable in full on application. Terms were 12% p.a. interest, payable annually, with a maturity date of 30 June 20X4. Exactly the right amount of applications were received by 30 June 20X1.

Question a) Prepare general journal entries to record the issue of debentures.

Question b) Prepare general journal entries to record the payments of interest and the repayment of principal.

Question c) Prepare ledger entries to record (a) and (b) above.

Reference no: EM132523321

Previous Q& A

  What is the firms beginning cash balance on february

On 1/1/2019, a firm had a beginning cash balance of $290. December/2018 sales were $490. What is the firms beginning cash balance on February

  Explain what risk management processes

Discuss the tools and techniques you should you use to identify the project stakeholders. explain what risk management processes can be utilized.

  Define systematic risk and non-systematic risk

Define systematic risk and non-systematic risk, and briefly explain their difference.????????? Do you agree or disagree with the above statement?

  What will be the value of his savings

He decides to invest the money in a portfolio of assets that expects to earn 8% p.a. At the end of 25 years, what will be the value of his savings?

  Compute the current stock price if the risk-free interest

Compute the current stock price if the risk-free interest rate is 4 percent. Use this formula: S = C - P + Ke-rT

  Several online videos on unified communications

Find and view several online videos on unified communications. Identify the URLs for three that you think do particularly good job illustrating characteristics

  Determine the manner of distribution

Determine the manner of distribution of the remaining 720,000 under independent assumptions: Selisana is personally insolvent. He has no personal assets

  What is the discounted payback period of the project?

What is the discounted payback period of project? Using Net Present Value as the decision criterion, should SMS invest in this movie? Explain carefully.???????

  Efficiency of your sub-ordering java application

To improve the overall functionality and efficiency of your sub-ordering Java application, you are considering the use of some of the Java predefined methods.

  Long-term debt account on the company balance sheet

At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,505. During the year, the company repaid a long-term loan in the amount

Reviews

Write a Review

 

Similar Q& A

  Uses a job order cost system

Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s production. Materials purchased on account $196,700, and factory wages incurred $94,100.

  Elucidate the pros and cons of using this method to evaluate

Elucidate the pros and cons of using this method to evaluate a capital expenditure (10 points) and (2) show all computations required to arrive at the correct solution.

  Degree of operating leverage

Compute the degree of operating leverage before and after the purchase of the new equipment and interpret your results

  Activities of insurance business

Show which of the above activities would be viewed as value-added in the eyes of Prince Insurance's Customers. Give reasons for your answer and explain the value and non value added in the activities of insurance business.

  Compute payback period is it a good measure of profitablity

Compute the payback period. Is it a good measure of profitability? Explain. Compute the NPV. Should Michele accept the proposal? Why or Why not?

  Amount in the allowance for doubtful accounts

View the 2013 Annual Report for the Ford Motor Company, a Fortune 50 company. Using this report, answer the following question: What was the amount in the allowance for doubtful accounts on December 31, 2013?

  Changes and error analysis

A company changes from an accounting principle that is not generally accepted to one that is generally accepted. The effect of the change

  College education is prospect of improved future earnings

One aspect of obtaining a college education is the prospect of improved future earnings in comparison to non-college graduates. Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation. During the last 20 years of em..

  What is bank of america corporation percentage

What is Bank of America Corporation's percentage of the accounts receivable balance to total assets for the last two years? If the ratio percentage has changed what accounts for the change?

  Assume that the fair value of these assets

On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The following additional facts pertain to the transaction: Suppose that the Footwear Division's assets had not been sold by December 31, 2006, ..

  Is george able to recover his cost of the annuity

George purchased a life annuity to provide him monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months.

  What type of test would be used

Records from previous years indicate an average bridge repair costwas $35,003. Use the sample data to test that the 1993 mean µ isgreater than $35,003.

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