Accounting Journal Entries
Not what you're looking for?
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following events.
The issuance of the bonds.
Date Account/Description Debit Credit
Jan. 1
The payment of interest on July 1, assuming no previous accrual of interest.
Date Account/Description Debit Credit
July 1
The accrual of interest on December 31.
Date Account/Description Debit Credit
Dec. 31
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments.
Purchase this Solution
Solution Summary
Accounting journal entries are examined.
Solution Preview
Please see the attachment for the solutions. It contains step by step ...
Purchase this Solution
Free BrainMass Quizzes
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Operations Management
This quiz tests a student's knowledge about Operations Management
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)