1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oxana [17]
3 years ago
8

Simko Company issued $700,000, 10-year, 4 percent bonds on January 1, 2018. The bonds were issued for $630,000. Interest is paya

ble annually on December 31. Using straight-line amortization, prepare journal entries to record
(a) the bond issuance on January 1, 2018, and
(b) the payment of interest on December 31, 2018.
Business
1 answer:
Liono4ka [1.6K]3 years ago
7 0

Answer:

A) the bond issuance on January 1, 2018

Dr Cash account 630,000

Dr Discount on Bonds Payable account 70,000 (amortized over 10 years, i.e. 7,000 each year)

Cr Bonds Payable account 700,000

B) the payment of interest on December 31, 2018

Dr Interest expense 28,000  (= $700,000 x 4%)

Cr Cash account 28,000

Cr Discount on Bonds Payable account 7,000

You might be interested in
What are the characteristics of a mixed economy?
Oxana [17]
A characteristics of a mixed economy is a mix of both private and government control.
7 0
2 years ago
Which of the following is a disadvantage of electronic communication
REY [17]

Answer:

Lack of physical cues may lead to miscommunication

Explanation:

8 0
2 years ago
A business acquires a new software​ product, installs it on its​ hardware, and converts the data to be processed by the software
Alja [10]

Answer:

D. the people were inadequately trained on how to use the new system

<u>Missing information:</u>

A. the network cannot support the data transmissions

B. the software is full of errors

C. the software performs the wrong tasks

D. the people were inadequately trained on how to use the new system

E. the hardware is not functional

Explanation:

Assuming the provider of the software act in well-being and provides a functional software that will not crash every time is used (E) and (B)

The most probable reason is that people didn't understand the new interface, mechanics or features of the new system thus, performing below expected as they may though their productivity was going to increase while in fact it decrease or the daily task are now more harded to complete

3 0
2 years ago
Owns taxi (automobile) worth $1,315 A. Asset C. Both B. Liability D. Neither
lys-0071 [83]
A automobile would be a asset

5 0
3 years ago
A manager who wishes to be successful in international business should avoid a(n) ________ attitude.
coldgirl [10]

Answer: ethnocentric

Explanation:

6 0
2 years ago
Other questions:
  • Which job would require a license or certification? ambassador lobbyist high school teacher state senator
    13·2 answers
  • Each of the following is a rationale for acquisitions EXCEPT:Group of answer choicesA. achieving greater market power.B. overcom
    12·1 answer
  • 4. Although bananas are grown in almost one hundred countries worldwide, Ecuador and Costa Rica are among the world's largest ba
    9·1 answer
  • Marketing consists primarily of advertising a product or service. <br><br> a. True <br><br> b. False
    14·1 answer
  • 1. When John received his W2, he received several copies. Why was he sent multiple copies of this form?
    9·1 answer
  • Stock Investment Transactions On September 12, 2,000 shares of Aspen Company were acquired at a price of $50 per share plus a $2
    9·1 answer
  • Empire Company is a manufacturer of smartphones. Its controller resigned in October 2017.
    12·1 answer
  • A retirement plan guarantees to pay you or your estate a fixed amount for 20 years. At the time of​ retirement, you will have​ $
    12·1 answer
  • The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the
    6·1 answer
  • If a project has a net present value equal to zero, then:_______.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!