On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $690,000. The bonds sold for $678,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31.

1. Prepare the journal entry to record the issuance of the bonds by Stratford Lighting on March 1, 2021

2. Prepare the journal entry to record interest on August 31, 2021

3. Prepare the journal entry to accrue interest on December 31, 2021.

4. Prepare the journal entry to record interest on February 28, 2022

Answers

Answer 1

Answer:

1. March 1, 2021

Dr Cash $678,000

Dr Discount on bonds payable $12,000

Cr Bonds payable $690,000

2. August 31, 2021

Dr Bond interest expense $34,800

Cr Discount on bonds payable $ 300

Cr Cash $34,500

3. December 31, 2021

Dr Bond interest expense $23,200

Cr Discount on bonds payable $200

Cr Bond interest payable $23,000

4. February 28, 2022

Dr Bond interest payable $23,000

Dr Bond interest expense $11,600

Cr Discount on bonds payable $100

Cr Cash $34,500

Explanation:

1. Preparation of the journal entry to record the issuance of the bonds by Stratford Lighting on March 1, 2021

Dr Cash $678,000

Dr Discount on bonds payable $12,000

($690,000-$678,000)

Cr Bonds payable $690,000

(Being to record issuance of the bonds is recorded)

2. Preparation of the journal entry to record interest on August 31, 2021

Dr Bond interest expense $34,800

Cr Discount on bonds payable $ 300 ($12,000/20*6/12 )

Cr Cash $34,500

($690,000 × 10% × 6/12)

(Being to record interest )

3. Preparation of the journal entry to accrue interest on December 31, 2021.

Dr Bond interest expense $23,200

($23,000+$200)

Cr Discount on bonds payable $200

($12,000/20 × 4 /12)

Cr Bond interest payable $23,000

($690,000* 10%× 4/12)

(Being to record accrue interest is recorded)

4. Preparation of the journal entry to record interest on February 28, 2022

Dr Bond interest payable $23,000

($690,000* 10%× 4/12)

Dr Bond interest expense $11,600

[($34,500+$100)-$23,000]

Cr Discount on bonds payable $100

($12,000/20*2/12)

Cr Cash $34,500

($690,000 × 10% × 6/12)

(Being to record interest is recorded)


Related Questions

The liberty of man in society is to be under no other legislative power but that established by consent in the commonwealth.

Answers

Answer: The liberty of man, in society, is to be under no other legislative power, but that established, by consent, in the commonwealth; nor under the dominion of any will, or restraint of any law, but what that legislative shall enact, according to the trust put in it.

Explanation:

Complete the following statement.
This
Adrian is attending a marketing conference and seems quite bored with the sequence of events, so he is
1. Slouching I. His chair
2. Leaning forward
3. Crossing his arms
This kind of gesture is an example of
1. Nonverbal
2.verbal

communication.

Answers

Nonverbal, verbal is when you use your voice for something. Hope this helped

Which statement best describes a recession?

A. More people are unemployed, causing more competition for jobs.
B. The prices of goods make them too expensive for people to buy them easily.
C. People cannot afford to buy goods because competition leads to higher prices.
D. A large number of people are unemployed and have decreased spending power.

Answers

Answer:

D. A large number of people are unemployed and have decreased spending power.

Answer:

I agree!

D. A large number of people are unemployed and have decreased spending power.

Explanation:

Which of the following is an example of a real estate investment?

Answers

What is the following may I ask? You can invest in real estate by either buying a property or buying into a real estate investment fund.

WILL GIVE BRAINLIEST

IS IT A VARIABLE PR FIXED COST?

1. What type of cost is gasoline for a delivery company?

2. I have a nail salon business - I just recently purchased new pedicure chairs, what type of cost is this?

3. Customers love red nail polish, and the salon must purchase more. The nail salon purchases 12 new bottles for their business. the purchase of nail polish is what type of cost?

4. My business is growing - I purchase a second warehouse, what type of cost is this?​

Answers

Answer:

your answer is 4 .........................

1. Variable cost
2. Fixed cost
3. Variable cost
4. Variable cost

I NEED THIS ASAP!!!!!! While working on a forty-slide PowerPoint presentation, a user needs to quickly look over the six slides that have orange backgrounds. How can the user most efficiently find the six slides and then see them in the main PowerPoint window?

by going under the View tab and clicking on the New Window tool
by clicking on the File tab and using the Open dialog box to select a slide
by scrolling through the slide previews on the left and clicking on orange slides
by using the slider in the bottom right to zoom out until all slides are visible

its not B!!!!!!!!!!!

Answers

Answer:

by scrolling through the slide previews on the left and clicking on orange slides

The user can see them in the main PowerPoint window he can scroll through the slide previews on the left and clicking on orange slides.

What is a power point presentation?

A power point presentation refers to a presentation that is made by the use of the Microsoft power point tool.

If the user wants to find the six slides and then see them in the main PowerPoint window he can scroll through the slide previews on the left and clicking on orange slides.

Learn more about power point slides:https://brainly.com/question/1301538?

#SPJ2

One of the purposes of market segmentation is to determine the best customer for the service or product and then to target that group
through marketing.
True
False

Answers

Answer:

true

Explanation:

what is the importance of identifying target markets?​

Answers

Answer:

Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential

Identifying a target market helps your company develop effective marketing communication strategies. A target market is a set of individuals sharing similar needs or characteristics that your company hopes to serve. These individuals are usually the end users most likely to purchase your product.

A. Name any two:
1. Greek gods
2. Oldest language
3. Greek mathematicians
4. Renewable sources of energy
5. Precious stones
6. Snakes
7. Islands of Japan
8. Flightless birds
9. Indian satellites​

Answers

Answer:

1) Athena and Aries

2)Tamil/Sanskrit

3) Plato and Euclid

4) Solar energy Wind energy

5)Ruby, emerald

6)Python, Rattlesnake

7)8)9)i have no idea

Explanation:

1. A parent company sells land to its wholly-owned subsidiary in 2015, reporting a gain of $35,000. In 2020, the subsidiary sells the land to an outside developer and reports a gain of $60,000. In the 2020 consolidation working paper, the elimination of this transaction will result in: A. A $35,000 decrease in beginning retained earnings B. A $60,000 increase in investment in subsidiary C. A $95,000 decrease in land D. A $35,000 increase in gain on sale of land

Answers

Answer:

Explanation:

A $60,000 increase in investment in subsidiary

By completing the requirements of one of the three professional organizations of accountants in Canada, you can become one of three types of accountants. These are:

Answers

Answer:

1. CGA

2. CA

3. CMA

Explanation:

The three types of professional organisations are  

1. CGA-Canada – They provide Certified general accountants certification and train people for providing accounting services in either public or corporate settings. It’s a three-year professional course

2. Chartered Accountants – CAs work in government, industry, nonprofits and private practice and indulge in standard accounting duties, such as tax preparation and auditing as well as strategic planning and management. They are entitled to legally certify the accuracy of financial statements. This is also a three-year course.

3. Certified Management Accountants

4. Certified management accountants (CMAs) – They are less into accounting and more into management and strategy. It’s a two year training program.

Quintina decided to increase the deduction percentage of her federal income tax rate from 14% to 16%. Quintina’s gross pay per month is $2,100. Her deductions before the change are listed in the table.

Answers

Answer:

$1555

Explanation:

Answer:

1555

Explanation:

Just did the quiz 2021

(Zaxbys)
select all the salads that are made with regular zalad base x (check all that apply).
Answer choices:fried caesar, buffalo blue, grilled caesar, blackened blue, grilled house, grilled cobb, fried house, fried cobb ​

Answers

Answer:

Fried Caesar, grilled Caesar, Buffalo blue, fried cobb

Explanation:

Salads are made with various vegetables and meat base. The regular salad is green salad which is most commonly used. There are many benefits of having salad with meal. Many people do not like vegetables so they add little meat with salad to consume it. Most regular salad base are fried Caesar and fried cobb.

The game hides the amount of cookies-per-second a new "vendor" (the grandmothers, the cookie farm, the mines, etc.) will grant you until you have purchased your first unit of that upgrade. How did that affect your strategy? How is that similar or different from what real businesses confront when creating a business plan?

Answers

Im not sure what that will be

For 1 How does grandma have so many cookies??? For 2 if i eat 555 cookies then imma have diabetes. and for 3 there really is no way to find this out. The only way to find out how many cookies there is now it to see how much cookies there were before and you cant do that without seeing how much is in there now. Its a catch 22.

Explanation:

After getting her degree in marketing and working for 5 years for a large department store, Sally started her own specialty shop in a regional mall. Sally's current lease calls for payments of $1,000 at the end of each month for the next 60 months. Now the landlord offers Sally a new 5-year lease that calls for zero rent for 6 months, then rental payments of $1,050 at the end of each month for the next 54 months. Sally's cost of capital is 11 percent. By what absolute dollar amount would accepting the new lease change Sally's theoretical net worth?

Answers

Answer:

$3,751.90

Explanation:

we must find the present value of both alternatives

alternative 1, keep paying $1,000 per month for 60 months

present value = monthly payment x PV annuity factor

monthly payment = $1,000

PV annuity factor = [1 - 1/(1 + 0.9167%)⁶⁰ ] / 0.9167% = 45.9136

present value = $1,000 x 45.91361 = $45,991.36

alternative 2, pau $1,050 per month for 54 months starting after 6 months

monthly payment = $1,050

PV annuity factor = [1 - 1/(1 + 0.9167%)⁵⁴ ] / 0.9167% = 42.4406

present value in 6 months = $1,050 x 42.4406 = $44,562.63

present value today = $44,562.63 / 1.055 = $42,239.46

Sally's net worth increases by $45,991.36 - $42,239.46 = $3,751.90

Nurix, Inc. is a business consulting firm. During the month of​ February, Nurix earned​ $55,600 of revenues by providing services to 47 clients. Operating costs for February were​ $8,500 and​ non-operating costs were​ $6,000. What is the unit cost per​ service? (Round your answer to the nearest​ cent.)A. $127.66B. $1,182.98C. $308.51D. $180.85

Answers

Answer:

Unitary cost= $308.51

Explanation:

Giving the following information:

Number of services= 47

Operating costs for February were​ $8,500 and​ non-operating costs were​ $6,000.

First, we need to calculate the total cost:

Total cost= 8,500 + 6,000

Total cost= $14,500

Now, the cost per service:

Unitary cost= 14,500/47

Unitary cost= $308.51

Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of 5511.16 8. Jell Stapleton acquired $1.995 installment luan to pay for a new laten computer. He will repay the loan in 12 monthly payments of $174.7.

Answers

Answer:

Loan= 3000    

Payments 5511.16 2511.16    

Time 6 months    

     

     

​Present Value=(1+r)nFV​where:FV=Future Valuer=Rate of returnn=Number of periods​      

     

Interest = Capital·i%·t      

     

Interest=5511,16-3000)      

     

2511,16=3000*i%*6      

     

2511,16=18000*i%      

     

i%=14%      

VP=1995    

VF=2096.4  174.7 12 2096.4

t=12    1995

   101.4

   

101,40=1995*12*i    

   

101,40=23940*i    

   

i=0.4%    

Explanation:

Loan= 3000    

Payments 5511.16 2511.16    

Time 6 months    

     

     

​Present Value=(1+r)nFV​where:FV=Future Valuer=Rate of returnn=Number of periods​      

     

Interest = Capital·i%·t      

     

Interest=5511,16-3000)      

     

2511,16=3000*i%*6      

     

2511,16=18000*i%      

     

i%=14%      

VP=1995    

VF=2096.4  174.7 12 2096.4

t=12    1995

   101.4

   

101,40=1995*12*i    

   

101,40=23940*i    

   

i=0.4%    

Additional Information Check No. 5904 is correctly drawn for $2,090 to pay for computer equipment; however, the recordkeeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash of $2,060. The NSF check shown in the statement was originally received from a customer, S. Nilson, in payment of her account. Its return has not yet been recorded by the company. The credit memorandum (CM) is from the collection of a $1,500 note for Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet recorded.

Answers

Answer:

Requirement: Prepare the September 2015 bank reconciliation for this company. Note: Missing table are attached as picture below

Adjusted Bank Balance

Bank statement balance                     $18,453.25

Add: Deposit in transit                         $1,682.75

                                                              $20,136

Less: Outstanding checks

CH #5893                           $494.25

CH #5906                           $982.30

CH #5908                           $388.00     $1,864.55

Adjusted Bank Balance                        $18,271.45

Adjusted Book Balance

Books Balance                                        $17,404.20

Add: Collect $1500 note, Less $15        $1,485

Interest earned                                        $12.50

                                                                 $18,901.70

Less: NSF Check                                     $600.25

Error in entry in check #904                   $30          

Adjusted Book Balance                          $18,271.45

What does an exchange rate tell you?

Answers

Answer:

An exchange rate tells you how much one type of currency is worth in a different currency.

Explanation:

Answer:A foreign exchange rate is the relative value between two currencies. Simply put, "exchange rates are the amount of one currency you can exchange for another."

Explanation:

Which business letter feature is found at the top of the page?

Answers

answer:

Letter head

Explanation:

typically has the companies logo at the top of the page

If someone owes you $100 right now, but they don't pay you for a year, you have lost the opportunity to collect _______________on that money.

Answers

Answer:

Interest

Explanation:

Opportunity cost of the money is the Interest that could have been earned on that money has the borrower saved it in the bank. Thus, the missing word here is Interest.

Which metric measures the customers willingness to recommend the clients product and services to others

Answers

Answer:

Net promoter score.

Explanation:

Net promoter score can be defined as a metric that measures the customers willingness to recommend the clients product and services to others.

In Business management, one of the key metrics that is being used by producers or service providers to measure the efforts of a customer to recommend their products and services to others is the net promoter score. The net promoter score is graded on a scale of -100 to 100 to measure customer satisfaction and the willingness of the customer to recommend such products or services to their peers, families or colleagues.

This ultimately implies that, a net promoter score helps business owners to gather information on how satisfied their customers are and if they would be loyal enough to the brand by recommending their products or services to others.

Can someone help me finish these missing assignments for accounting?

Answers

Yeah I can help with accounting

Sid Maxwell is the head of legal affairs at Hudson Inc., an American toy manufacturer. A. Hudson's signature toy, the Witty Parakeet, includes an embedded software program that allows the bird to interact with children. B. Hudson is currently planning to expand its market in Asia but Sid is concerned about reports of software piracy in the region.

Answers

Answer:

trade secret

Explanation:

THIS IS THE COMPLETE QUESTION BELOW

Sid Maxwell is the head of legal affairs at Hudson Inc., an American toy manufacturer. Hudson's signature toy, the Witty Parakeet, includes an embedded software program that allows the bird to interact with children. Hudson is currently planning to expand its market in Asia but Sid is concerned about reports of software piracy in the region.

The software program embedded in Hudson's signature toy, the Witty Parakeet, is an example of a(n) ________.

Trade secret can be regarded as one of the intellectual property which is a process/ practice such as design, patterns or instrument that is generally not revealed outside the company. It gives a company an edge over her compititors

Cheese Pizza or Pepperoni Pizza

Answers

Answer:

pepperoni

Explanation:

Answer:

I think I like extra cheese pepperoni :)

Could I have brainliest?

Matcha green tea is primarily cultivated by Japanese farmers. Suppose that Matcha green tea grows in popularity as its health benefits, namely its lower caffeine content, become known, and at the same time the government reduces taxes imposed on Japanese tea farmers. What is the likely effect on the equilibrium price and quantity in the Japanese Matcha tea market

Answers

Answer:

equilibrium quantity would increase

there would be an indeterminate effect on equilibrium price

Explanation:

Due to the increase in popularity of the tea, the demand for the tea would rise. This would lead to a rightward shift of the demand curve. Equilibrium price and quantity would rise.

If taxes are reduced, the cost of producing tea would reduce. This would encourage producers to start making tea. As a result, the supply of tea would increase. This would lead to a rightward shift of the supply curve for tea. As a result, equilibrium price would fall and equilibrium quantity would increase.

Taking these two effects together, there would be an increase in equilibrium quantity and there would be an indeterminate effect on equilibrium price

What type of account is used regularly and handles day-to-day
transactions?
A Line of credit
B Money market
C Checking
D Savings

Answers

people mostly use checking so the answer is c
The answer is C, Checking
You use a checking account for day to day transactions. Debit card, checks and deposits are typical transactions for a checking account.

Rick has a great idea about a new product to sell. He needs
money to get started building his brand. What type of loan does
he need?
A. Mortgage
B. Business
C. Home equity
D. Auto

Answers

He needs a business loan so it would be B

Which of these is most closely associated with an economic recession? *
1.an increase in stock prices
2.an increase in consumer spending
3.a decrease in the demand for labor
4.a decrease in the minimum wage

Answers

Answer:

3. a decrease in demand for labor

Explanation:

Economic recession is associated with the significant loss of economic activity. The economic activity includes like Goss domestic production, income, industries and wholesale.

The recession may be for the short and long term and be followed by a raid r a slow recovery. Such as economic slowdown after the corona affected nations and indirectly affected the wages and salaries of the workers and laborers.

Hence the option 4 is correct.

Learn more about the these are most closely associated with an economic recession.

brainly.com/question/3978009.

If the family decides to reduce its clothing budget by $200 a month, how much will the new clothing budget be? Round to the nearest dollar.

Answers

Answer:

$970

Explanation:

Other Questions
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