Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. knowledge check 01 on january 1, year 1, st. clair

Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds...

70.2K

Verified Solution

Question

Accounting

image
Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the first semi-annual interest payment for 7%, 11-year bonds with a face value of $90,000. Note: Enter debits before credits Date Debit Credit June 30 General Journal Interest Expense Discount on Bonds Payable Cash

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following is FALSE regarding hox Genes? Group of answer choices They serve the role of...

Biology
Q

1. The followings are the performance measures generated from multiple runs of the k-Means model on the...

Programming
Q

PYTHON. Create a function that accepts a filename where in each line there is a name...

Programming
Q

accompanying data set Times begin when a vehicle stops at the order window and end...

Basic Math
Q

Lynn's Music Studio Balance Sheet As of May 31, 2016 8.29 AM 11/2418 Accrual Basis...

Accounting
Q

Match the following terms with their definitions Vary in proportion to changes in activity levels...

Accounting
Q

please complete! thank you! For journal entries 1 through 12...

Accounting
Q

Determine the net cash flow based on the following information: Cash flow provided by operating...

Accounting
Q

why Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on...

Accounting
Q

Rex Garner recently made an offer to Harry Barns for the sale of his shop...

Accounting
Q

Axel's Mexican Restaurant incurred salaries expense of $68,000 for 2018. The payroll expense includes employer...

Accounting
Q

Explain the tension in the shareholder value model.

Accounting