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3 years ago

Transactions for Mehta Company for the month of May are presented below.

Business

1 answer:

arlik [135]3 years ago

6 0

Answer:

MEHTA COMPANY

Date Account Titles and Explanation Debit Credit

1-May Cash $4,000

Common stock $4,000

(To record capital investment)

Date Account Titles and Explanation Debit Credit

3 May Equipment $1,100

Account payable $1,100

(To record the purchase of equipment on account)

Date Account Titles and Explanation Debit Credit

13 May Rent expenses $400

Cash $400

(To record rent expenses)

Date Account Titles and Explanation Debit Credit

21 May Account receivable $500

Service revenue $500

(To record service revenue)

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3 years ago

Prepare the issuer’s journal entry for each of the following separate transactions.a. On March 1, Atlantic Co. issues 51,000 sha

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Answer:

March 1

Account Debit Credit

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Account Debit Credit

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Account Debit Credit

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4 years ago

On January 1, 2013, F Corp. issued 2,000 of its 10%, $1,000 bonds for $2,080,000. These bonds were to mature on January 1, 2023,

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Answer:

F Corp.'s gain or loss in 2018 on this early extinguishment of debt was $16,000

Explanation:

According to the given data we can note that the Bond premium at issue is $80,000

Hence, Amortization of premium through July 1, 2016= $80,000/20 = $4,000 per period$

So, 4,000 x 11 periods= $44,000

There is an Unamortized premium July 1, 2018 $36,000 and Face value of $2,000,000

The Book value July 1, 2018= $2,036,000

Therefore, the Call (redemption) price = $2,000,000 x 1.01= $2,020,000

Therefore, gain or loss in 2018= The Book value July 1, 2018- Call (redemption) price

Gain on extinguishment=$2,036,000 - $2,020,000 = $16,000

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3 years ago