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andrezito [222]
3 years ago
9

Carla Vista Co. issued $590,000, 10-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on Januar

y 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 enter an account title to record the sale of these bonds on January 1, 2017 enter a debit amount enter a credit amount enter an account title to record the sale of these bonds on January 1, 2017 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Suppose the remaining Premium on Bonds Payable was $3,540 on December 31, 2020.
Show the balance sheet presentation on this date. CARLA VISTA CO. Balance Sheet (Partial) choose the accounting period select an opening subsection name enter a balance sheet item $enter a dollar amount select between addition and deduction: enter a balance sheet item enter a dollar amount $enter a total of the two previous amounts
Business
1 answer:
34kurt3 years ago
6 0

Answer:

cash             595,900 debit

     bonds payable               590,000 credit

     premium on bonds             5,900 credit

Explanation:

We have to record the issuance of the bonds:

<em><u>cash proceeds:</u></em>

face value x quote:

590,000 x 101/100 = 595,900

face value                <u> (590,000)</u>

<em>premium </em>                        5,900

<em>There is a premium as we are receiving more than we are going to pay at maturity.</em>

We will debit the cash proceeds form the bond

and credit the bonds and premium

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6 0
3 years ago
The following information pertains to Crane Video Company.
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Answer:

A. Cash balance per bank $ 9,066

Cash balance per books $9,066

B.Jul'31

Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

Jul'31

Dr Miscellaneous Expenses $ 34

Cr Cash $ 34

Explanation:

A. Preparation of Bank Reconciliation at July 31

BANK RECONCILIATION

Cash balance per bank, July 31, $7,863

Add Deposit in transit $ 1,800

Less Outstanding checks ($597)

Adjusted cash balance $ 9,066

Cash balance per books, July 31 $7,884

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($1200+$42-$26)

Less Bank service charge ($34)

Adjusted cash balance $ 9,066

B. Preparation of the adjusting journal entries at July 31 on the books of Crane Video Company

JOURNAL ENTRIES

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Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

(To record note collection by bank)

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Dr Miscellaneous Expenses $ 34

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During the​ year, Sheldon Company had net credit sales of $ 47 comma 000. At the end of the​ year, before adjusting​ entries, th
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Computation of balance in Allowance for Bad Debts

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Balance of Allowance for Doubtful accounts      $ 1,880

The balance is based on a % to credit sales basis. The bad debts expense for the year considers the balance in the allowance for doubtful accounts and the accounting entry is an adjustment amount.

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