User Account

All Pages

Prepare the journal entry at june 30 2031 to pay interest

Assignment Help Accounting Basics
Reference no: EM13573066

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 Cash    

Discount on bonds payable    
   Bonds payable

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 Bond interest    

Discount 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 Bond interest expense    

Discount on bonds payable
   

Cash
   




June 30, 2031 Bond Payable    

Cash

Reference no: EM13573066

Questions Cloud

He catseye marble co is thinking of replacing a manual : he catseye marble co is thinking of replacing a manual production process with a machine. the manual process requires
Using the appropriate interest table answer each of the : using the appropriate interest table answer each of the following questions. each case is independent of the others.a
Management has decided to allocate maintenance costs on the : university printers has two service departments and two operating departments. management has decided to allocate
Identify a scientific discovery or invention from the 1400s : identify a scientific discovery or invention from the 1400s to 1600s and explain what impact it had on society at the
Prepare the journal entry at june 30 2031 to pay interest : mellilo corporation issued 6000000 of 20-year 9.5 percent bonds on july 1 2011 at 98. interest is due on june 30 and
Assuming that the company uses the perpetual inventory : assuming that the company uses the perpetual inventory system determine the ending inventory value for the month of may
Assuming that the company uses the perpetual inventory : assuming that the company uses the perpetual inventory system determine the cost of merchandise sold for the sale of
Compute the price of a share of stock that pays a 1- : 1. compute the price of a share of stock that pays a 1- per-year dividend and that you expect to be able to sell in one
A retailer purchases merchandise with a catalog list price : a retailer purchases merchandise with a catalog list price of 15000. the retailer receives a 15 trade discount and

Reviews

Write a Review

Accounting Basics Questions & Answers

  The accounting profession has adopted a modified

According to your text, the accounting profession has adopted a modified all-inclusive concept to income reporting. Using this approach companies report unusual or irregular items as a part of net income. What are these items and they are they ..

  How many units should lewis hats produce in april

Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in April?

  Calculate the amounts for mary''s 2009 income tax returns

Mary (age 33) is a single taxpayer with adjusted gross income for 2009 of $21,040. Mary maintains a home for two dependent children and has itemized deductions of $3,000. Calculate the following amounts for Mary's 2009 income tax return:

  Determine the annual net cost

Determine the annual net cost of these checking accounts: a. Monthly fee $5, check-processing fee of 25 cents, average of 19 checks written per month.

  Calculate the npv of this investment

Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years.

  Determine the interest rate that applies relative to amount

Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount.

  Determining the current ratio

The finance managers of Long Bow, Inc. collected the following information for their firm: Total Assets = $60,000; Current Assets = $20,000; Long-term Liabilities = $200,000; Current Liabilities = $10,000. The Current Ratio = ___

  Prepare a cash budget for a company

Prepare a cash budget for the Ace Manufacturing Company, indicating receipts and disbursements for May, June, and July. The firm wishes to maintain at all times a minimum cash balance of $20,000.

  Chuck needs to purchase an item in 10 years the item costs

chuck needs to purchase an item in 10 years. the item costs 200 today but its price inflates at 4 per year. to finance

  How should midwest handle this payment

Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount?

  Automating the insertion process

A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.

  Explain why the circuit department has an incentive

Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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