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April 21, 2014

Homework Help: accounting

Posted by Renee on Saturday, October 8, 2011 at 3:28pm.

I have figured this out I just want to make sure I am correct in my answers.

1.On January 2, 2007, A company issued $100,000 of 5%, 10 year bonds. The bonds will mature in ten years. The bonds were sold for for 95% (or .95 of par) and will pay interest semi-annually, or twice a year, on June 30 and Dec 31. Record the journal entries to record the issuance of the bonds and the interest payments to be made for the year 2011.

2.If you were asked to prepare the balance sheet for the company as of the issue date (January 2, 2011) and as of December 31, 2011 (after the second interest payment was made), how should the liability related to this long term bond payable be disclosed?

3.Record the payment of the above bonds on the maturity date (10 years after the issue date).

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